Semi-Annual Report (Unaudited) - Investment … Report (Unaudited) Legg Mason Global Funds Plc An umbrella fund with segregated liability between sub-funds For the six months ended

Semi-Annual Report(Unaudited)Legg MasonGlobal Funds PlcAn umbrella fund with segregatedliability between sub-fundsFor the six months ended August 31, 2017

Legg Mason Global Funds Plc Semi-Annual Report August 31, 2017

Table of ContentsGeneral Information 3

Letter to Shareholders 14

Portfolio of Investments Legg Mason Western Asset US Money Market Fund 15Portfolio of Investments Legg Mason Western Asset US Core Bond Fund 16Portfolio of Investments Legg Mason Western Asset US Core Plus Bond Fund 23Portfolio of Investments Legg Mason Western Asset Euro Core Plus Bond Fund 36Portfolio of Investments Legg Mason Western Asset Short Duration High Income Bond Fund 38Portfolio of Investments Legg Mason Western Asset Global Multi Strategy Fund 42Portfolio of Investments Legg Mason Western Asset US High Yield Fund 48Portfolio of Investments Legg Mason Western Asset Emerging Markets Total Return Bond Fund 53Portfolio of Investments Legg Mason Western Asset Emerging Markets Corporate Bond Fund 56Portfolio of Investments Legg Mason Western Asset Global High Yield Fund 59Portfolio of Investments Legg Mason Western Asset US Short-Term Government Fund 64Portfolio of Investments Legg Mason Western Asset US Adjustable Rate Fund 65Portfolio of Investments Legg Mason Western Asset Global Inflation Management Fund 66Portfolio of Investments Legg Mason Western Asset Asian Opportunities Fund 68Portfolio of Investments Legg Mason Western Asset Global Blue Chip Bond Fund 71Portfolio of Investments Legg Mason Western Asset Global Credit Absolute Return Fund^ 73Portfolio of Investments Legg Mason Western Asset Global Core Plus Bond Fund^ 74Portfolio of Investments Legg Mason Western Asset Global Credit Fund 78Portfolio of Investments Legg Mason Western Asset Euro High Yield Fund 82Portfolio of Investments Legg Mason Western Asset Macro Opportunities Bond Fund^ 84Portfolio of Investments Legg Mason Western Asset EM Local Currency Debt Fund^ 93Portfolio of Investments Legg Mason Western Asset Multi-Asset Credit Fund^ 96Portfolio of Investments Legg Mason Western Asset Global Total Return Investment Grade Bond Fund^ 103Portfolio of Investments Legg Mason Western Asset Structured Opportunities Fund^ 106Portfolio of Investments Legg Mason Western Asset US Mortgage-Backed Securities Fund^ 111Portfolio of Investments Legg Mason Western Asset UK Investment Grade Credit Fund^ 115Portfolio of Investments Legg Mason Western Asset US Corporate Bond Fund^ 118Portfolio of Investments Legg Mason Brandywine Global Fixed Income Fund 123Portfolio of Investments Legg Mason Brandywine Global Fixed Income Absolute Return Fund^ 127Portfolio of Investments Legg Mason Brandywine Global High Yield Fund^ 129Portfolio of Investments Legg Mason Brandywine Global Opportunistic Fixed Income Fund^ 131Portfolio of Investments Legg Mason Brandywine Global Sovereign Credit Fund^ 134Portfolio of Investments Legg Mason Brandywine Global Income Optimiser Fund^ 136Portfolio of Investments Legg Mason Brandywine Global Credit Opportunities Fund^ 138Portfolio of Investments Legg Mason Brandywine Global Defensive High Yield Fund^ 140Portfolio of Investments Legg Mason Brandywine Global Dynamic US Equity Fund^ 142Portfolio of Investments Legg Mason ClearBridge Value Fund 144Portfolio of Investments Legg Mason ClearBridge Growth Fund 145Portfolio of Investments Legg Mason ClearBridge Global Equity Fund^ 146Portfolio of Investments Legg Mason ClearBridge Global Equity Income Fund^ 147Portfolio of Investments Legg Mason ClearBridge US Appreciation Fund 149Portfolio of Investments Legg Mason ClearBridge US Large Cap Growth Fund 150Portfolio of Investments Legg Mason ClearBridge US Aggressive Growth Fund 151Portfolio of Investments Legg Mason ClearBridge Tactical Dividend Income Fund 153Portfolio of Investments Legg Mason ClearBridge US Equity Sustainability Leaders Fund^ 155Portfolio of Investments Legg Mason Royce US Small Cap Opportunity Fund 156Portfolio of Investments Legg Mason Royce US Smaller Companies Fund 159Portfolio of Investments Legg Mason QS MV European Equity Growth and Income Fund 161Portfolio of Investments Legg Mason QS MV Asia Pacific Ex Japan Equity Growth and Income Fund 163Portfolio of Investments Legg Mason QS Emerging Markets Equity Fund 165Portfolio of Investments Legg Mason QS MV Global Equity Growth and Income Fund 169Portfolio of Investments Legg Mason Martin Currie Australia Equity Income Fund^ 171Portfolio of Investments Legg Mason Martin Currie Asia Long-Term Unconstrained Fund^ 172Portfolio of Investments Legg Mason Martin Currie Asia Pacific Fund^ 173Portfolio of Investments Legg Mason Martin Currie European Absolute Alpha Fund^ 174Portfolio of Investments Legg Mason Martin Currie Greater China Fund^ 176Portfolio of Investments Legg Mason Martin Currie Japan Absolute Alpha Fund^ 177Portfolio of Investments Legg Mason Martin Currie North American Fund^ 179Portfolio of Investments Legg Mason Martin Currie Global Long-Term Unconstrained Fund^ 180Portfolio of Investments Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund^ 181Portfolio of Investments Legg Mason RARE Infrastructure Value Fund^ 182Portfolio of Investments Legg Mason RARE Emerging Markets Infrastructure Fund^ 183

Statement of Financial Position Legg Mason Global Funds Plc 184Statement of Comprehensive Income Legg Mason Global Funds Plc 204Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Legg Mason Global Funds Plc 214

Notes to Financial Statements Legg Mason Global Funds Plc 243

Supplemental Information Total Expense Ratios (TER) Legg Mason Global Funds Plc 262

Statement of Major Portfolio Changes Legg Mason Western Asset US Money Market Fund 269Statement of Major Portfolio Changes Legg Mason Western Asset US Core Bond Fund 269Statement of Major Portfolio Changes Legg Mason Western Asset US Core Plus Bond Fund 269Statement of Major Portfolio Changes Legg Mason Western Asset Euro Core Plus Bond Fund 270Statement of Major Portfolio Changes Legg Mason Western Asset Short Duration High Income Bond Fund 270Statement of Major Portfolio Changes Legg Mason Western Asset Global Multi Strategy Fund 270Statement of Major Portfolio Changes Legg Mason Western Asset US High Yield Fund 271Statement of Major Portfolio Changes Legg Mason Western Asset Emerging Markets Total Return Bond Fund 271

^ Not authorised for sale to the public in Hong Kong.

1


Statement of Major Portfolio Changes Legg Mason Western Asset Emerging Markets Corporate Bond Fund 272Statement of Major Portfolio Changes Legg Mason Western Asset Global High Yield Fund 273Statement of Major Portfolio Changes Legg Mason Western Asset US Short-Term Government Fund 273Statement of Major Portfolio Changes Legg Mason Western Asset US Adjustable Rate Fund 273Statement of Major Portfolio Changes Legg Mason Western Asset Global Inflation Management Fund 273Statement of Major Portfolio Changes Legg Mason Western Asset Asian Opportunities Fund 274Statement of Major Portfolio Changes Legg Mason Western Asset Global Blue Chip Bond Fund 274Statement of Major Portfolio Changes Legg Mason Western Asset Global Credit Absolute Return Fund^ 274Statement of Major Portfolio Changes Legg Mason Western Asset Global Core Plus Bond Fund^ 274Statement of Major Portfolio Changes Legg Mason Western Asset Global Credit Fund 275Statement of Major Portfolio Changes Legg Mason Western Asset Euro High Yield Fund 275Statement of Major Portfolio Changes Legg Mason Western Asset Macro Opportunities Bond Fund^ 275Statement of Major Portfolio Changes Legg Mason Western Asset EM Local Currency Debt Fund^ 276Statement of Major Portfolio Changes Legg Mason Western Asset Multi-Asset Credit Fund^ 276Statement of Major Portfolio Changes Legg Mason Western Asset Global Total Return Investment Grade Bond Fund^ 277Statement of Major Portfolio Changes Legg Mason Western Asset Structured Opportunities Fund^ 277Statement of Major Portfolio Changes Legg Mason Western Asset US Mortgage-Backed Securities Fund^ 278Statement of Major Portfolio Changes Legg Mason Western Asset UK Investment Grade Credit Fund^ 278Statement of Major Portfolio Changes Legg Mason Western Asset US Corporate Bond Fund^ 278Statement of Major Portfolio Changes Legg Mason Brandywine Global Fixed Income Fund 279Statement of Major Portfolio Changes Legg Mason Brandywine Global Fixed Income Absolute Return Fund^ 279Statement of Major Portfolio Changes Legg Mason Brandywine Global High Yield Fund^ 279Statement of Major Portfolio Changes Legg Mason Brandywine Global Opportunistic Fixed Income Fund^ 280Statement of Major Portfolio Changes Legg Mason Brandywine Global Sovereign Credit Fund^ 280Statement of Major Portfolio Changes Legg Mason Brandywine Global Income Optimiser Fund^ 280Statement of Major Portfolio Changes Legg Mason Brandywine Global Credit Opportunities Fund^ 281Statement of Major Portfolio Changes Legg Mason Brandywine Global Defensive High Yield Fund^ 281Statement of Major Portfolio Changes Legg Mason Brandywine Global Dynamic US Equity Fund^ 281Statement of Major Portfolio Changes Legg Mason ClearBridge Value Fund 282Statement of Major Portfolio Changes Legg Mason ClearBridge Growth Fund 282Statement of Major Portfolio Changes Legg Mason ClearBridge Global Equity Fund^ 282Statement of Major Portfolio Changes Legg Mason ClearBridge Global Equity Income Fund^ 283Statement of Major Portfolio Changes Legg Mason ClearBridge US Appreciation Fund 283Statement of Major Portfolio Changes Legg Mason ClearBridge US Large Cap Growth Fund 284Statement of Major Portfolio Changes Legg Mason ClearBridge US Aggressive Growth Fund 284Statement of Major Portfolio Changes Legg Mason ClearBridge Tactical Dividend Income Fund 285Statement of Major Portfolio Changes Legg Mason ClearBridge US Equity Sustainability Leaders Fund^ 285Statement of Major Portfolio Changes Legg Mason Opportunity Fund^ 285Statement of Major Portfolio Changes Legg Mason Royce US Small Cap Opportunity Fund 286Statement of Major Portfolio Changes Legg Mason Royce US Smaller Companies Fund 286Statement of Major Portfolio Changes Legg Mason QS MV European Equity Growth and Income Fund 287Statement of Major Portfolio Changes Legg Mason QS MV Asia Pacific Ex Japan Equity Growth and Income Fund 287Statement of Major Portfolio Changes Legg Mason QS Emerging Markets Equity Fund 288Statement of Major Portfolio Changes Legg Mason QS MV Global Equity Growth and Income Fund 288Statement of Major Portfolio Changes Legg Mason Martin Currie Australia Equity Income Fund^ 288Statement of Major Portfolio Changes Legg Mason Martin Currie Asia Long-Term Unconstrained Fund^ 289Statement of Major Portfolio Changes Legg Mason Martin Currie Asia Pacific Fund^ 289Statement of Major Portfolio Changes Legg Mason Martin Currie European Absolute Alpha Fund^ 289Statement of Major Portfolio Changes Legg Mason Martin Currie Global Resources Fund^ 290Statement of Major Portfolio Changes Legg Mason Martin Currie Greater China Fund^ 290Statement of Major Portfolio Changes Legg Mason Martin Currie Japan Absolute Alpha Fund^ 291Statement of Major Portfolio Changes Legg Mason Martin Currie North American Fund^ 291Statement of Major Portfolio Changes Legg Mason Martin Currie Global Long-Term Unconstrained Fund^ 292Statement of Major Portfolio Changes Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund^ 292Statement of Major Portfolio Changes Legg Mason RARE Infrastructure Value Fund^ 292Statement of Major Portfolio Changes Legg Mason RARE Emerging Markets Infrastructure Fund^ 293

Appendix: Securities Financing Transactions Regulation (SFTR) 294

^ Not authorised for sale to the public in Hong Kong.

2


General Information

Board of Directors

Brian Collins (Ireland) (Independent)Joseph Keane (Ireland) (Independent)Fionnuala Doris (Ireland) (Independent)*Joseph LaRocque (U.S.)Jane Trust (U.S.)Joseph Carrier (U.S.)* appointed on March 23, 2017

Registered Office

Riverside TwoSir John Rogersons QuayGrand Canal DockDublin 2, Ireland

Secretary

Bradwell LimitedArthur Cox BuildingTen Earlsfort TerraceDublin 2, Ireland

Master Distributor and Master Shareholder Servicing Agent

Legg Mason Investor Services, LLC100 International DriveBaltimore, Maryland 21202U.S.A.

Additional Distributors and Shareholder Servicing Agents

Legg Mason Investments (Europe) Limited201 BishopsgateLondon EC2M 3ABUnited Kingdom

Legg Mason Asset Management Hong Kong Limited12/F, York House15 Queens Road CentralHong Kong

Legg Mason Asset Management Singapore Pte. Limited1 George Street, # 23-02Singapore 049145

Legg Mason Investments (Taiwan) Limited55 Floor 1, Taipei 101 TowerNo. 7, Xin Yi RoadSection 5, Taipei, 110Taiwan

Reporting Fund Status and Distributor Status (relevant to U.K. Shareholders only)

UK shareholders can identify which share classes of the Company have been accepted into the UK reporting fund regime, and which share classes have been granted UKReporting status, by checking the HM Revenue and Customs Reporting Fund list at the website https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds. This list is updated on a monthly basis by the HM Revenue and Customs.

For more information see the supplemental prospectus for investors from the United Kingdom, or contact Legg Mason Investments (Europe) Limited.

Swiss Representative

First Independent Fund Services LtdKlausstrasse 33CH-8008 ZurichSwitzerland

Swiss Paying Agent

NPB Neue Private Bank LtdLimmatquai 1/am BellevueCH-8024 ZurichSwitzerland

The prospectus, the key investor information documents, the memorandum andarticles of association of the Company, the annual and semi-annual reports and thebreakdown of the purchase and sale transaction of the Funds, may be obtained freeof charge at the office of the Swiss representative.

Irish Legal Adviser

Arthur CoxTen Earlsfort TerraceDublin 2, Ireland

Depositary

BNY Mellon Trust Company (Ireland) LimitedOne Dockland CentralGuild Street, IFSCDublin 1, Ireland

Independent Auditors

PricewaterhouseCoopersChartered Accountants & Statutory Audit FirmOne Spencer DockNorth Wall QuayDublin 1, Ireland

Administrator

BNY Mellon Fund Services (Ireland)Designated Activity CompanyOne Dockland CentralGuild Street, IFSCDublin 1, Ireland

Promoter

Legg Mason Investments (Europe) Limited201 Bishopsgate,London EC2M 3ABUnited Kingdom

3


General Information (continued)

Investment Manager: Legg Mason ClearBridge Value Fund** All Funds except Legg Mason ClearBridge Value FundClearBridge, LLC100 International DriveBaltimore, Maryland 21202U.S.A.

Legg Mason Investments (Europe) Limited201 BishopsgateLondon EC2M 3ABUnited Kingdom

Fund Name Fund Launch Date Sub Investment Manager

Legg Mason Western Asset US Money Market Fund* February 27, 2004 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom

Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A.

Legg Mason Western Asset US Core Bond Fund* August 31, 2002 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset US Core Plus Bond Fund* April 20, 2007 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset Euro Core PlusBond Fund*

October 1, 2003 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset Short Duration HighIncome Bond Fund*

February 24, 2004 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset Global MultiStrategy Fund*

August 29, 2002 Western Asset Management Company Limited10 ExchangeSquare Primrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset US High Yield Fund* February 27, 2004 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


4




Legg Mason Western Asset Emerging Markets TotalReturn Bond Fund*

February 24, 2004 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset Emerging MarketsCorporate Bond Fund*

October 21, 2011 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Western Asset Management Company Ltd.Shin-Marunouchi Building5-1 Marunouchi1-Chome, Chiyoda-kuTokyo 100-6536Japan

Western Asset Management Company Pte. Ltd1 George Street, #23-01Singapore 049145

Western Asset Management CompanyDistribuidora de Titulos e Valores Mobiliarios LimitadaAv. Pres. Juscelino KubitschekNo. 1455 15th Floor 04543011Sao Paulo Brazil

Legg Mason Western Asset Global High Yield Fund* April 20, 2007 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom



Legg Mason Western Asset US Short-TermGovernment Fund*

April 20, 2007 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Legg Mason Western Asset US AdjustableRate Fund*



Legg Mason Western Asset Global InflationManagement Fund*



5




Legg Mason Western Asset AsianOpportunities Fund*

June 12, 2008 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom


Western Asset Management Company Pte. Ltd.1 George Street, #23-01Singapore 049145

Legg Mason Western Asset Global Blue ChipBond Fund*

June 3, 2009 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom




Legg Mason Western Asset Brazil Bond Fund^* March 25, 2010(ceased trading on January 14, 2016)

Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom



Legg Mason Western Asset Global Credit AbsoluteReturn Fund^*

May 20, 2010(ceased trading on April 29, 2016)






6




Legg Mason Western Asset UK Core PlusBond Fund^*

November 19, 2010(ceased trading on February 24, 2014)




Legg Mason Western Asset Global Core PlusBond Fund^*

December 3, 2010 Western Asset Management Company Limited10 Exchange SquarePrimrose Street London EC2A 2ENUnited Kingdom



Legg Mason Western Asset UK Inflation-LinkedPlus Fund^*





Legg Mason Western Asset UK LongDuration Fund^*





Legg Mason Western Asset Global Credit Fund* November 19, 2010 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom



Legg Mason Western Asset Euro High Yield Fund* December 3, 2010 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom



7




Legg Mason Western Asset Macro OpportunitiesBond Fund^*

September 5, 2013 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom




Legg Mason Western Asset EM Local Currency DebtFund^*

December 16, 2015 Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A.


Legg Mason Western Asset Multi-Asset CreditFund^*






8




Legg Mason Western Asset Global Total ReturnInvestment Grade Bond Fund^*





Western Asset Management Company Pty LimitedLevel 48120 Collins StreetMelbourne Vic 3000, Australia


Legg Mason Western Asset Structured OpportunitiesFund^*

January 13, 2016 Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A


Legg Mason Western Asset US Mortgage-BackedSecurities Fund^*

January 13, 2016 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom

Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A

Legg Mason Western Asset UK Investment GradeCredit Fund^*

November 17, 2016 Western Asset Management Company Limited10 Exchange SquarePrimrose StreetLondon EC2A 2ENUnited Kingdom



9




Legg Mason Western Asset InfrastructureDebt Fund*^






Legg Mason Western Asset Short-Dated HighYield Fund*^



Legg Mason Western Asset Asian Income Fund* Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A.



Legg Mason Western Asset US Corporate BondFund^*

November 17, 2016 Western Asset Management Company385 East Colorado BoulevardPasadena, California 91101U.S.A.


Legg Mason Brandywine Global Fixed Income Fund* October 1, 2003 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A

Legg Mason Brandywine Global Fixed IncomeAbsolute Return Fund^*

April 3, 2012 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global High Yield Fund^* November 30, 2012 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global Opportunistic FixedIncome Fund^*

June 25, 2010 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

10




Legg Mason Brandywine Global SovereignCredit Fund^*

May 10, 2012 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global IncomeOptimiser Fund^*


Legg Mason Brandywine Global CreditOpportunities Fund^*


Legg Mason Brandywine Global DynamicUS Equity Fund^*

December 31, 2015 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global Macro Fund***^ Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global Defensive HighYield Fund*^

April 6, 2017 Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Brandywine Global US High YieldFund*^

Brandywine Global Investment Management, LLCCira Centre, 2929 Arch Street8th FloorPhiladelphia, Pennsylvania 19104U.S.A.

Legg Mason Western Asset Brazil Equity Fund^** October 1, 2010(ceased trading on January 14, 2016)


Legg Mason ClearBridge Growth Fund** February 25, 2004 ClearBridge, LLC100 International Drive Baltimore,Maryland 21202 U.S.A.

Legg Mason ClearBridge Global Equity Fund^** September 1, 2006 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge Global Equity IncomeFund^**

September 15, 2014 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge US Appreciation Fund** April 20, 2007 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge US Large CapGrowth Fund**

April 20, 2007 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge US AggressiveGrowth Fund**

April 20, 2007 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge Tactical DividendIncome Fund**

June 3, 2013 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason ClearBridge US Equity SustainabilityLeaders Fund^**

September 30, 2015 ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

11




Legg Mason ClearBridge Global SRI Equity Fund**^ ClearBridge Investments, LLC620 Eighth Avenue, 48th FloorNew York, New York 10018U.S.A.

Legg Mason Opportunity Fund**^ February 4, 2009(ceased trading on June 23, 2017)

LMM LLC100 International DriveBaltimore, Maryland 21202U.S.A.

Legg Mason Royce US Small Cap OpportunityFund**

November 8, 2002 Royce & Associates, LP745 5th AvenueNew York, New York 10151U.S.A.

Legg Mason Royce US Smaller Companies Fund** March 1, 2004 Royce & Associates, LP745 5th AvenueNew York, New York 10151U.S.A.

Legg Mason QS MV European Equity Growth andIncome Fund**

August 31, 2002 QS Investors, LLC880 Third Avenue, 7th FloorNew York, NY 10022U.S.A.

Legg Mason QS MV Asia Pacific Ex Japan EquityGrowth and Income Fund**

February 25, 2004 QS Investors, LLC880 Third Avenue, 7th FloorNew York, NY 10022U.S.A.

Legg Mason Batterymarch International Large CapFund^**

April 20, 2007(ceased trading on February 25, 2015)

Legg Mason QS Emerging Markets Equity Fund** April 28, 2008 QS Investors, LLC880 Third Avenue, 7th FloorNew York, NY 10022U.S.A.

Legg Mason QS MV Global Equity Growth andIncome Fund**

December 29, 2010 QS Investors, LLC880 Third Avenue, 7th FloorNew York, NY 10022U.S.A.

Legg Mason QS US Large Cap Fund^** QS Investors, LLC880 Third Avenue, 7th FloorNew York, NY 10022U.S.A.

Legg Mason Martin Currie Australia Equity IncomeFund**^

May 28, 2015 Legg Mason Asset Management Australia Limited(trading under the name Martin Currie Australia)Level 47120 Collins Street,Melbourne VIC 3000Australia

Legg Mason Martin Currie Asia Long-TermUnconstrained Fund**^

March 11, 2016 Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

Legg Mason Asset Management Singapore Pte. Limited1 George Street, #23-02Singapore 049145

Legg Mason Martin Currie Asia Pacific Fund**^ March 11, 2016 Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

Legg Mason Asset Management Singapore Pte. Limited1 George Street, #23-02Singapore 049145

Legg Mason Martin Currie European Absolute AlphaFund**^


Legg Mason Martin Currie Global Resources Fund**^ March 11, 2016(ceased trading on July 31, 2017)

Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

12




Legg Mason Martin Currie Greater China Fund**^ March 11, 2016 Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

Legg Mason Martin Currie Japan Absolute AlphaFund**^


Legg Mason Martin Currie North American Fund**^ March 11, 2016 Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

Legg Mason Martin Currie Global Long-TermUnconstrained Fund**^

June 28, 2016 Martin Currie Investment Management LimitedSaltire Court20 Castle TerraceEdinburghEH1 2ES

Legg Mason Martin Currie Asia Pacific Ex Japan RealIncome Fund**^

June 28, 2016 Legg Mason Asset Management Australia Limited(trading under the name Martin Currie Australia)Level 47120 Collins Street,Melbourne VIC 3000Australia

Legg Mason RARE Emerging Markets InfrastructureFund**^

March 31, 2017 RARE Infrastructure LimitedLevel 13, 35 Clarence StreetSydney NSW 2000Australia

Legg Mason RARE Infrastructure Value Fund**^ December 9, 2016 RARE Infrastructure LimitedLevel 13, 35 Clarence StreetSydney NSW 2000Australia

Legg Mason RARE Global Infrastructure IncomeFund**^

RARE Infrastructure LimitedLevel 13, 35 Clarence StreetSydney NSW 2000Australia

Legg Mason Permal Global Absolute Fund^*** September 24, 2009(ceased trading on August 29, 2014)

Legg Mason PCM US Equity Fund^ January 8, 2008(ceased trading on August 24, 2010,re-launched on April 13, 2012 and ceasedtrading on August 30, 2013)

Legg Mason Congruix Japan Equity Fund^ October 2, 2008(ceased trading on November 30, 2010)

As at August 31, 2017 these Funds have not commenced trading. Commenced trading during the period.^ Not authorised for sale to the public in Hong Kong.* Fixed Income Funds (Funds which invest mainly in fixed income and interest bearing securities).** Equity Funds (Funds which invest mainly in equities).*** Multi-Asset Fund.

For More InformationFor further information on the range of Funds within Legg Mason Global Funds Plc, contact:

For professional investors in the U.K. and Europe

Legg Mason Investments (Europe) Limited201 BishopsgateLondon EC2M 3ABUnited KingdomTel: + 44 (0) 207 070 7444

www.leggmason.co.uk

For authorised dealers in the Americas

Legg Mason Investments1395 Brickell AvenueSuite 1550Miami, Florida 33131, U.S.A.Tel: + 305 529 4400

www.leggmasonamericas.com

Go to the relevant website for information on:

Daily prices

Literature, including fact sheets providing the latest information on each Fund

More information about Legg Masons asset management affiliates managing the Funds

13


Letter to ShareholdersDear Shareholder,We are pleased to provide you with the semi-annual report for Legg Mason GlobalFunds Plc (the Company) for the six months ending August 31, 2017. In thisreport, we highlight the key drivers behind the performance of bond and equitymarkets over the period.

Global economic reviewGlobal economic growth strengthened during the six months ended August 31,2017, although the overall pace was far from robust. In its July 2017 WorldEconomic Outlook Update, the International Monetary Fund (IMF) said, Thepickup in global growth anticipated in the April World Economic Outlook remainson track, with global output projected to grow by 3.5 percent in 2017 and3.6 percent in 2018. The unchanged global growth projections mask somewhatdifferent contributions at the country level. US growth projections are lower than inApril, primarily reflecting the assumption that fiscal policy will be less expansionarygoing forward than previously anticipated. Growth has been revised up for Japanand especially the euro area, where positive surprises to activity in late 2016 andearly 2017 point to solid momentum. Chinas growth projections have also beenrevised up, reflecting a strong first quarter of 2017 and expectations of continuedfiscal support. From a regional perspective, the IMF estimates growth in the US willbe 2.1 percent in 2017, compared to 1.6 percent in 2016. 2017 growth in theeurozone is projected to be 1.9 percent, versus 1.8 percent in 2016. Japanseconomy is expected to expand 1.3 percent in 2017, compared to 1.0 percent in2016. Elsewhere, the IMF projects that overall growth in emerging market countrieswill accelerate to 4.6 percent in 2017, versus 4.3 percent in 2016.

Global fixed income marketsGlobal fixed income markets generated mixed results during the reporting period. Inthe US, after longer-term Treasury yields initially moved higher, they declined afterpeaking in mid-March 2017, as growth expectations under the Trumpadministration waned. In addition, there were several flights to quality given anumber of geopolitical issues. Longer-term sovereign yields in Europe also tended tomove lower during the reporting period. Meanwhile, prices for lower ratedcorporate bonds fluctuated given shifting investor demand and changing oil prices,among other factors. Emerging market debt performed well due to overall stronginvestor demand, less concern over a significant change in US trade policy and aweakening US dollar. The US dollars weakness occurred as growth expectationsmoderated and the European Central Bank and Bank of England hinted that theymay pare back their accommodative monetary policies in 2018.

Global equitiesGlobal equities generated positive results during the reporting period. This wasdriven by a number of factors, including corporate profits that at times exceededexpectations, generally improving global growth and accommodative monetarypolicy from a number of central banks. Investor demand was also robust overall asthey looked to generate incremental returns in the low interest rate environment. In

the US, solid results at the beginning of the reporting period were later tempered asPresident Donald Trumps economic agenda stalled. While the returns for USequities were positive overall, gains from non-US developed and emerging marketequities were even stronger amid an improving economic outlook.

We thank you for your continued support.

Yours sincerely,

Legg Mason Investments Europe Limited

Past performance is no guarantee of future results. The information is not intended to be aforecast of future events, a guarantee of future results or investment advice.

All data as at August 31, 2017 unless otherwise stated.

Legg Mason Global Funds plc is an umbrella fund with segregated liability betweensub-funds, established as an open-ended investment company with variable capital,authorised in Ireland by the Central Bank of Ireland as an undertaking for collectiveinvestment in transferable securities.

All investments involve risk, including the possible loss of principal. Pastperformance is no guide to future returns and may not be repeated.

This information has been prepared from sources believed reliable but is notguaranteed by Legg Mason and is not a complete summary or statement of allavailable data.

Individual securities mentioned are intended as examples of portfolio holdings andare not intended as buy or sell recommendations.

Opinions expressed are subject to change without notice and do not take intoaccount the particular investment objectives, financial situation or needs ofindividual investors.

Before investing you should read the key investor information document and theprospectus, which describe the sub-funds full objective and risk factors. These andother relevant documents may be obtained in a number of languages at BNYMellon Fund Services (Ireland) Designated Activity Company, One Dockland Central,Guild Street, IFSC, Dublin 1, Ireland, www.leggmasonglobal.com and the registeredoffice.

Issued and approved by Legg Mason Investments (Europe) Limited, registered office201 Bishopsgate, London, EC2M 3AB. Registered in England and Wales, CompanyNo. 1732037. Authorised and regulated by the Financial Conduct Authority.

This material is not intended for any person or use that would be contrary to locallaw or regulation. Legg Mason is not responsible and takes no liability for theonward transmission of this material.

14


Legg Mason Western Asset US Money Market Fund

Portfolio of Investments as at August 31, 2017

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Certificate of Deposit 29.76%(February 28, 2017: 27.75%)

8,000 Bank of America N.A.,1.220%, due 9/7/2017 8,000 0.83

10,000 Bank of Montreal/Chicago,1.300%, due 10/6/2017 10,000 1.02

2,000 Bank of Montreal/Chicago,1.569%, due 11/14/2017 * 2,001 0.20

15,000 Bank of Montreal/Chicago,1.400%, due 2/7/2018 15,000 1.53

1,000 Bank of Tokyo-Mitsubishi UFJLtd/New York,1.390%, due 10/26/2017 1,000 0.10

5,000 Canadian Imperial Bank ofCommerce/New York,1.447%, due 5/25/2018 * 5,000 0.51

7,000 CitiBank N.A.,1.240%, due 10/6/2017 7,000 0.72

5,000 CitiBank N.A.,1.320%, due 10/10/2017 5,000 0.51

4,325 CitiBank N.A.,1.380%, due 12/18/2017 4,325 0.44

720 Credit Agricole CIB NY,1.450%, due 9/26/2017 720 0.09

5,600 Credit Suisse AG/New York,1.467%, due 10/27/2017 * 5,600 0.57



5,000 KBC Bank NV (New York),1.300%, due 10/10/2017 5,000 0.51



20,000 Landesbank Hessen-Thuringen,1.170%, due 9/6/2017 20,000 2.04

1,500 Landesbank Hessen-Thuringen,1.380%, due 11/16/2017 1,500 0.15

6,500 Mitsubishi UFJ Trust & BankingCorp/NY,1.429%, due 11/30/2017 * 6,500 0.66

10,000 Mitsubishi UFJ Trust & BankingCorp/NY,1.427%, due 12/1/2017 * 10,000 1.02

9,750 Mizuho Bank Ltd/NY,1.521%, due 10/10/2017 * 9,750 1.00




1,000 Natixis (New York),1.979%, due 9/25/2017 * 1,000 0.10

15,000 Nordea Bank AB/New York,1.190%, due 9/1/2017 15,000 1.53

10,000 Norinchukin Bank/New York,1.582%, due 9/1/2017 * 10,000 1.02

10,000 Norinchukin Bank/New York,1.280%, due 10/6/2017 10,000 1.02



5,000 Oversea-Chinese Banking Corp,1.310%, due 10/11/2017 5,000 0.51

5,000 Royal Bank of Canada/New York,1.358%, due 6/12/2018 * 5,000 0.51

2,350 Societe Generale,1.580%, due 1/12/2018 2,351 0.24

1,500 Sumitomo Mitsui Banking Corp/New York,1.946%, due 9/15/2017 * 1,500 0.16


4,000 Sumitomo Mitsui Banking Corp/New York,1.370%, due 12/19/2017 4,000 0.41


FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

5,000 Sumitomo Mitsui Trust Bank Ltd/New York,1.571%, due 9/7/2017 * 5,000 0.51

15,000 Sumitomo Mitsui Trust Bank Ltd/New York,1.230%, due 10/30/2017 15,000 1.53

10,000 Sumitomo Mitsui Trust Bank Ltd/New York,1.402%, due 12/7/2017 * 10,000 1.02

3,000 Toronto-Dominion Bank/New York,1.448%, due 10/17/2017 * 3,000 0.31

3,750 UBS AG (Stamford),1.200%, due 9/6/2017 3,750 0.38

500 UBS AG (Stamford),1.616%, due 2/21/2018 * 500 0.05

10,000 Westpac Banking Corp,1.749%, due 1/11/2018 * 10,014 1.03

Total Certificate of Deposit(Cost $291,219) 291,219 29.76

Commercial Paper 43.52%(February 28, 2017: 56.05%)

4,460 ABN Amro Funding USA LLC,1.350%, due 10/20/2017 ** 4,452 0.46




30,000 American Honda Finance,1.180%, due 9/21/2017 ** 29,979 3.06

5,000 American Honda Finance,1.250%, due 11/27/2017 ** 4,985 0.51

3,000 ANZ New Zealand InternationalLtd,1.440%, due 5/29/2018 ** 3,000 0.31

10,000 ASB Finance Ltd/London,1.320%, due 12/6/2017 ** 10,000 1.02

29,000 Bank Nederlandse Gemeenten,1.130%, due 9/15/2017 ** 28,986 2.96

17,000 Bank of Nova Scotia/Houston,1.270%, due 10/12/2017 ** 16,975 1.74

10,000 Bank of Nova Scotia/Houston,1.380%, due 3/9/2018 ** 10,000 1.02

1,300 Bank of Tokyo-Mitsubishi UFJLtd/New York,1.360%, due 10/2/2017 ** 1,299 0.13

5,000 BNZ International Funding Ltd,1.430%, due 9/7/2017 ** 5,000 0.51

10,000 BNZ International Funding Ltd,1.330%, due 10/19/2017 ** 10,000 1.02

25,000 Caisse Des Depots EtConsignations,1.250%, due 10/10/2017 ** 24,965 2.55

10,000 Canadian Imperial Bank ofCommerce/New York,1.390%, due 2/9/2018 ** 9,938 1.02

500 Canadian Imperial Bank ofCommerce/New York,1.770%, due 3/1/2018 ** 501 0.05

5,000 Commonwealth Bank ofAustralia,1.580%, due 12/8/2017 ** 5,004 0.51

1,750 Credit Suisse AG/New York,1.410%, due 11/9/2017 ** 1,745 0.18

1,000 Danske Corp,1.050%, due 9/8/2017 ** 1,000 0.10

23,400 Danske Corp,1.270%, due 11/16/2017 ** 23,337 2.39

15,000 DBS Bank Ltd,1.280%, due 10/13/2017 ** 14,977 1.53

1,000 DBS Bank Ltd,1.280%, due 10/17/2017 ** 998 0.10

2,000 ING U.S. Funding LLC,1.380%, due 11/15/2017 ** 2,000 0.20

15,000 ING U.S. Funding LLC,1.400%, due 2/5/2018 ** 14,908 1.52

1,000 JPMorgan Securities LLC,0.000%, due 9/1/2017 ** 1,000 0.10

600 JPMorgan Securities LLC,1.480%, due 9/1/2017 ** 600 0.06

25,000 JPMorgan Securities LLC,1.330%, due 11/6/2017 ** 24,938 2.55

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

3,500 Mitsubishi UFJ Trust & BankingCorp/NY,1.390%, due 11/16/2017 ** 3,490 0.36

30,000 National Bank of Canada,1.260%, due 10/3/2017 ** 29,965 3.06

15,000 Nordea Bank AB/New York,1.170%, due 9/21/2017 ** 14,990 1.53

30,000 NRW Bank,1.210%, due 9/21/2017 ** 29,979 3.06

5,000 NRW Bank,1.210%, due 9/28/2017 ** 4,995 0.51

15,000 Oversea-Chinese Banking Corp,1.290%, due 10/13/2017 ** 14,977 1.53

4,650 Standard Chartered Bank,1.400%, due 12/14/2017 ** 4,631 0.47

15,000 Toronto-Dominion Bank/NewYork,1.290%, due 11/21/2017 ** 14,956 1.53

7,950 Toronto-Dominion Bank/NewYork,1.390%, due 12/11/2017 ** 7,919 0.81

4,000 UBS AG (London),1.520%, due 5/31/2018 ** 4,000 0.41

20,000 United Overseas Bank Ltd,1.160%, due 9/15/2017 ** 19,990 2.04

10,000 United Overseas Bank Ltd,1.280%, due 10/12/2017 ** 9,985 1.02

Total Commercial Paper(Cost $425,991) 425,991 43.52

Time Deposits 26.85% (February 28, 2017: 13.51%)

36,209 Abbey National TreasuryServices Plc,1.070%, due 9/1/2017 36,209 3.70

18,000 ABN Amro Bank NV,1.150%, due 9/1/2017 18,000 1.84

30,000 Credit Agricole CIB NY,1.070%, due 9/1/2017 30,000 3.06

37,541 DnB Nor Bank ASA (New York),1.070%, due 9/1/2017 37,541 3.84

10,000 Mizuho Bank Ltd/NY,1.170%, due 9/1/2017 10,000 1.02

22,000 Natixis (New York),1.070%, due 9/1/2017 22,000 2.25

35,000 Skandinaviska Enskilda BankenAB/New York,1.070%, due 9/1/2017 35,000 3.58

37,000 Svenska Handelsbank (CaymanIslands),1.070%, due 9/1/2017 37,000 3.78

37,000 Swedbank (New York),1.070%, due 9/1/2017 37,000 3.78

Total Time Deposits (Cost $262,750) 262,750 26.85

Total Investments (Cost $979,960) 979,960 100.13

Liabilities in Excess of Other Assets(February 28, 2017: 0.08%) (1,229) (0.13)

Total Net Assets $978,731 100.00

* Variable rate security. The interest rate shown reflectsthe rate in effect at August 31, 2017.

** Rate reflects yield to maturity as at August 31, 2017.

Analysis of Total Assets

% ofTotal

Assets

Transferable securities admitted to an officialexchange listing or traded on a regulated market 73.15

Deposits with credit institutions 26.80

Other assets 0.05

Total Assets 100.00

The accompanying notes are an integral part of the Financial Statements

15


Legg Mason Western Asset US Core Bond Fund

Portfolio of Investments as at August 31, 2017

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Asset-Backed Securities 7.31%(February 28, 2017: 5.79%)

64 Bayview Financial MortgagePass-Through Certificates Series2004-D, Series 2004 D,Class M3,2.809%, due 8/28/2044 * 63 0.12

230 Bear Stearns Asset BackedSecurities I Trust 2004-BO1,Series 2004 BO1, Class M6,3.234%, due 10/25/2034 * 232 0.43

68 Countrywide Asset-BackedCertificates, Series 2007 13,Class 2A2,2.034%, due 10/25/2047 * 67 0.12

229 Countrywide Asset-BackedCertificates, Series 2007 4,Class A4W,5.051%, due 4/25/2047 * 223 0.42

139 Credit Suisse First BostonMortgage Securities Corp,Series 2001 HE22, Class A1,1.714%, due 2/25/2032 * 134 0.25

270 CWABS Inc Asset-BackedCertificates Trust 2004-5,Series 2004 5, Class 2A,1.734%, due 10/25/2034 * 265 0.49

179 CWHEQ Revolving HomeEquity Loan Trust Series 2006-I,Series 2006 I, Class 1A,1.367%, due 1/15/2037 * 169 0.32

243 CWHEQ Revolving HomeEquity Loan Trust Series2007-B, Series 2007 B, Class A,1.377%, due 2/15/2037 * 229 0.43

241 First Franklin Mortgage LoanTrust 2002-FF3, Series 2002FF3, Class A1,2.094%, due 8/25/2032 * 233 0.44

200 Hertz Vehicle Financing LLC,Series 2015 1X, Class B,3.520%, due 3/25/2021 201 0.37

25 Manufactured HousingContract Trust Pass-ThroughCertificates Series 2001-2,Series 2001 2, Class IA2,4.726%, due 2/20/2032 * 24 0.04

278 Mastr Asset Backed SecuritiesTrust 2004-OPT2, Series 2004OPT2, Class A1,1.934%, due 9/25/2034 * 261 0.49

86 Option One Mortgage LoanTrust 2002-3, Series 2002 3,Class A2,1.774%, due 8/25/2032 * 83 0.15

234 Option One Mortgage LoanTrust 2005-2, Series 2005 2,Class M1,1.894%, due 5/25/2035 * 235 0.44

351 RASC Series 2005-KS12 Trust,Series 2005 KS12, Class M1,1.674%, due 1/25/2036 * 350 0.65

160 SLM Private Credit StudentLoan Trust 2005-A, Series 2005A, Class A4,1.556%, due 12/15/2038 * 149 0.28

200 SLM Private Credit StudentLoan Trust 2007-A, Series 2007A, Class A4A,1.486%, due 12/16/2041 * 184 0.34

130 SLM Student Loan Trust2007-2, Series 2007 2,Class A4,1.374%, due 7/25/2022 * 126 0.24

76 SLM Student Loan Trust2008-5, Series 2008 5,Class A4,3.014%, due 7/25/2023 * 79 0.15

182 Structured Asset InvestmentLoan Trust 2004-8, Series 20048, Class M1,2.134%, due 9/25/2034 * 182 0.34

200 United States Small BusinessAdministration, Series 201720D, Class 1,2.840%, due 4/1/2037 203 0.38

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

120 United States Small BusinessAdministration, Series 201720E, Class 1,2.880%, due 5/1/2037 122 0.23

100 United States Small BusinessAdministration, Series 201720G, Class 1,2.980%, due 7/1/2037 102 0.19

Total Asset-Backed Securities(Cost $3,826) 3,916 7.31

Mortgage-Backed Securities 48.74%(February 28, 2017: 32.44%)

11 American Home MortgageInvestment Trust 2004-1,Series 2004 1, Class 1A,1.934%, due 4/25/2044 * 11 0.02

111 Banc of America Funding2004-B Trust, Series 2004 B,Class 7M1,1.831%, due 12/20/2034 * 99 0.19

199 Banc of America Mortgage2003-C Trust, Series 2003 C,Class B1,3.809%, due 4/25/2033 * 151 0.28

113 Bear Stearns ALT-A Trust2004-6, Series 2004 6,Class M1,2.059%, due 7/25/2034 * 106 0.20

24 Bear Stearns ALT-A Trust2004-7, Series 2004 7,Class 2A1,3.498%, due 8/25/2034 * 24 0.05

95 CD 2016-CD2 Mortgage Trust,Series 2016 CD2, Class A4,3.526%, due 11/10/2049 * 100 0.19

100 CD 2017-CD3 Mortgage Trust,Series 2017 CD3, Class A4,3.631%, due 2/10/2050 106 0.20

138 Chevy Chase Funding LLCMortgage-Backed CertificatesSeries 2004-4, Series 2004 4X,Class A2,1.927%, due 10/25/2035 * 129 0.24

1,552 COMM 2012-CCRE1 MortgageTrust, Series 2012 CR1,Class XA,2.058%, due 5/15/2045 * 112 0.21

150 COMM 2012-CCRE4 MortgageTrust, Series 2012 CR4,Class AM,3.251%, due 10/15/2045 154 0.29

10 COMM 2013-CCRE12Mortgage Trust, Series 2013CR12, Class AM,4.300%, due 10/10/2046 11 0.02

1,350 Comm 2013-CCRE13Mortgage Trust, Series 2013CR13, Class XA,1.086%, due 12/10/2023 * 49 0.09

233 Comm 2014-UBS2 MortgageTrust, Series 2014 UBS2,Class XA,1.537%, due 3/10/2047 * 13 0.03

150 COMM 2015-LC19 MortgageTrust, Series 2015 LC19,Class ASB,3.040%, due 2/10/2048 155 0.29

120 COMM 2015-LC19 MortgageTrust, Series 2015 LC19,Class B,3.829%, due 2/10/2048 * 123 0.23

10 COMM 2015-LC19 MortgageTrust, Series 2015 LC19,Class C,4.404%, due 2/10/2048 * 10 0.02

100 CSAIL 2015-C1 CommercialMortgage Trust, Series 2015C1, Class AS,3.791%, due 4/15/2050 * 105 0.20

5 Fannie Mae Interest Strip 390,Class C3,6.000%, due 7/25/2038 1

12 Fannie Mae Interest Strip 407,Class 41,6.000%, due 1/25/2038 3 0.01

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

35 Fannie Mae Interest Strip 409,Class C13,3.500%, due 11/25/2041 6 0.01



5 Fannie Mae Pool 888795,5.500%, due 11/1/2036 5 0.01

125 Fannie Mae Pool 890604,4.500%, due 10/1/2044 137 0.26

186 Fannie Mae Pool AB6201,3.000%, due 9/1/2042 190 0.35

57 Fannie Mae Pool AB9594,4.000%, due 6/1/2043 62 0.11

431 Fannie Mae Pool AH4536,4.000%, due 2/1/2041 459 0.86

86 Fannie Mae Pool AL0215,4.500%, due 4/1/2041 93 0.17



20 Fannie Mae Pool AM8674,2.810%, due 4/1/2025 21 0.04

116 Fannie Mae Pool AO7501,4.000%, due 6/1/2042 123 0.23

60 Fannie Mae Pool AP4781,3.000%, due 9/1/2042 61 0.11

130 Fannie Mae Pool AP9633,2.500%, due 10/1/2042 128 0.24

238 Fannie Mae Pool AS6328,3.500%, due 12/1/2045 247 0.46





71 Fannie Mae Pool AT4281,4.000%, due 6/1/2043 76 0.14

86 Fannie Mae Pool AW3971,4.500%, due 4/1/2044 93 0.17

97 Fannie Mae Pool BD2455,3.000%, due 1/1/2047 98 0.18

581 Fannie Mae Pool BF0133,4.000%, due 8/1/2056 616 1.15

296 Fannie Mae Pool BF0145,3.500%, due 3/1/2057 307 0.57

1,100 Fannie Mae Pool BH2623,4.000%, due 8/1/2047 1,162 2.17

128 Fannie Mae Pool MA1217,4.000%, due 10/1/2042 137 0.26



600 Fannie Mae Pool, 15 year, TBA,3.500% 626 1.17




1,100 Fannie Mae Pool, 30 year, TBA,3.500% 1,138 2.12

1,600 Fannie Mae Pool, 30 year, TBA,3.000% 1,616 3.02

32 Fannie Mae REMICS, Series2001 81, Class GE,6.000%, due 1/25/2032 36 0.07

37 Fannie Mae REMICS, Series2005 29, Class ZA,5.500%, due 4/25/2035 42 0.08

43 Fannie Mae REMICS, Series2011 87, Class SG,5.316%, due 4/25/2040 * 5 0.01

127 Fannie Mae REMICS, Series2012 101, Class AI,3.000%, due 6/25/2027 11 0.02


16



Portfolio of Investments as at August 31, 2017 (continued)

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Mortgage-Backed Securities (continued)

263 Fannie Mae REMICS, Series2012 134, Class SK,4.916%, due 12/25/2042 * 54 0.10

20 Fannie Mae REMICS, Series2012 46, Class BA,6.000%, due 5/25/2042 23 0.04

40 Fannie Mae REMICS, Series2012 70, Class YS,5.416%, due 2/25/2041 * 5 0.01

30 Fannie Mae REMICS, Series2012 75, Class NS,5.366%, due 7/25/2042 * 6 0.01

28 Fannie Mae REMICS, Series2013 9, Class BC,6.500%, due 7/25/2042 33 0.06

39 Fannie Mae REMICS, Series2013 9, Class CB,5.500%, due 4/25/2042 44 0.08

4,655 Fannie Mae-Aces, Series 2015M3, Class X2,0.473%, due 10/25/2024 * 104 0.19

1,316 Fannie Mae-Aces, Series 2015M4, Class X2,0.651%, due 7/25/2022 * 29 0.05

24 Freddie Mac Gold PoolA74793,5.000%, due 3/1/2038 26 0.05

14 Freddie Mac Gold PoolG06172,5.500%, due 12/1/2038 15 0.03






65 Freddie Mac Gold PoolQ17792,3.500%, due 5/1/2043 68 0.13





63 Freddie Mac Gold PoolU90316,4.000%, due 10/1/2042 67 0.12




600 Freddie Mac Gold Pool, 30year, TBA, 4.000% 633 1.18

1,100 Freddie Mac Gold Pool, 30year, TBA, 3.500% 1,138 2.13

700 Freddie Mac Gold Pool, 30year, TBA, 3.000% 707 1.32

93 Freddie Mac MultifamilyStructured Pass ThroughCertificates K016, Class X1,1.686%, due 10/25/2021 * 5 0.01

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

5,895 Freddie Mac MultifamilyStructured Pass ThroughCertificates K725, Class X1,0.845%, due 1/25/2024 * 236 0.44

13 Freddie Mac REMICS 3621,Class SB,5.003%, due 1/15/2040 * 2

80 Freddie Mac REMICS 3947,Class SG,4.723%, due 10/15/2041 * 13 0.02

227 Freddie Mac REMICS 4092,Class AI,3.000%, due 9/15/2031 23 0.04

167 Freddie Mac REMICS 4194,Class BI,3.500%, due 4/15/2043 25 0.05

40 Freddie Mac REMICS 4298,Class PI,4.000%, due 4/15/2043 5 0.01

234 Freddie Mac Structured AgencyCredit Risk Debt Notes, Series2014 DN1, Class M2,3.434%, due 2/25/2024 * 242 0.45

179 Freddie Mac Structured AgencyCredit Risk Debt Notes, Series2015 DNA2, Class M2,3.834%, due 12/25/2027 * 184 0.34

213 Freddie Mac Structured AgencyCredit Risk Debt Notes, Series2015 DNA3, Class M2,4.084%, due 4/25/2028 * 222 0.41

120 Freddie Mac Structured Pass-Through Certificates, Series T56, Class 2AF,1.634%, due 5/25/2043 * 119 0.22

1 Ginnie Mae I Pool 464051,7.000%, due 7/15/2028 1

37 Ginnie Mae I Pool 557522,7.000%, due 7/15/2031 43 0.08



32 Ginnie Mae II Pool 4837,6.000%, due 10/20/2040 36 0.07





192 Ginnie Mae II Pool MA4263,4.000%, due 2/20/2047 203 0.38

98 Ginnie Mae II Pool MA4321,3.500%, due 3/20/2047 102 0.19

1,800 Ginnie Mae II Pool, 30 year,TBA, 3.000% 1,835 3.43

1,800 Ginnie Mae II Pool, 30 year,TBA, 3.500% 1,874 3.50

300 Ginnie Mae II Pool, 30 year,TBA, 4.000% 316 0.59

61 Government NationalMortgage Association, Series2009 H01, Class FA,2.381%, due 11/20/2059 * 62 0.11

17 Government NationalMortgage Association, Series2010 85, Class HS,5.419%, due 1/20/2040 * 2

56 Government NationalMortgage Association, Series2010 H26, Class LF,1.574%, due 8/20/2058 * 55 0.10

78 Government NationalMortgage Association, Series2011 H01, Class AF,1.674%, due 11/20/2060 * 77 0.14

136 Government NationalMortgage Association, Series2011 H09, Class AF,1.724%, due 3/20/2061 * 136 0.25

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

291 Government NationalMortgage Association, Series2012 112, Class IO,0.311%, due 2/16/2053 * 7 0.01


50 Government NationalMortgage Association, Series2012 34, Class SA,4.819%, due 3/20/2042 * 9 0.02


127 Government NationalMortgage Association, Series2012 66, Class CI,3.500%, due 2/20/2038 10 0.02

63 Government NationalMortgage Association, Series2012 H18, Class NA,1.744%, due 8/20/2062 * 63 0.12

71 Government NationalMortgage Association, Series2012 H30, Class GA,1.574%, due 12/20/2062 * 70 0.13



236 Government NationalMortgage Association, Series2013 H08, Class BF,1.624%, due 3/20/2063 * 234 0.44



64 Government NationalMortgage Association, Series2014 47, Class IA,0.388%, due 2/16/2048 * 3


594 Government NationalMortgage Association, Series2014 92, Class IX,0.695%, due 5/16/2054 * 22 0.04

154 Government NationalMortgage Association, Series2015 167, Class OI,4.000%, due 4/16/2045 31 0.06

111 Government NationalMortgage Association, Series2015 36, Class MI,5.500%, due 3/20/2045 23 0.04

1,534 Government NationalMortgage Association, Series2015 5, Class IK,0.702%, due 11/16/2054 * 71 0.13


10 GS Mortgage Securities Trust2013-GC16, Series 2013GC16, Class B,5.161%, due 11/10/2046 * 11 0.02

28 JP Morgan Chase CommercialMortgage Securities Trust2006-LDP9, Series 2006 LDP9,Class AM,5.372%, due 5/15/2047 28 0.05


17




FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Mortgage-Backed Securities (continued)

100 JP Morgan Chase CommercialMortgage Securities Trust2016-JP3, Series 2016 JP3,Class A5,2.870%, due 8/15/2049 100 0.19

10 JPMBB Commercial MortgageSecurities Trust 2013-C15,Series 2013 C15, Class C,5.249%, due 11/15/2045 * 11 0.02

10 JPMBB Commercial MortgageSecurities Trust 2013-C17,Series 2013 C17, Class B,5.049%, due 1/15/2047 * 11 0.02

120 JPMBB Commercial MortgageSecurities Trust 2014-C23,Series 2014 C23, Class AS,4.202%, due 9/15/2047 * 129 0.24

10 JPMBB Commercial MortgageSecurities Trust 2015-C31,Series 2015 C31, Class A3,3.801%, due 8/15/2048 11 0.02

250 JPMDB Commercial MortgageSecurities Trust 2017-C5, Series2017 C5, Class B,4.009%, due 3/15/2050 * 261 0.49

250 JPMDB Commercial MortgageSecurities Trust 2017-C5, Series2017 C5, Class C,4.512%, due 3/15/2050 * 264 0.49

138 LB-UBS Commercial MortgageTrust 2001-C3, Series 2001 C3,Class X, 144A,0.574%, due 6/15/2036 *

100 Morgan Stanley Bank ofAmerica Merrill Lynch Trust2014-C18, Series 2014 C18,Class AS,4.110%, due 10/15/2047 * 106 0.20

200 Morgan Stanley Bank ofAmerica Merrill Lynch Trust2016-C31, Series 2016 C31,Class C,4.464%, due 11/15/2049 * 203 0.38

80 Morgan Stanley Capital I Trust2012-C4, Series 2012 C4,Class A4,3.244%, due 3/15/2045 83 0.16

100 Morgan Stanley Capital I Trust2016-BNK2, Series 2016 BNK2,Class A4,3.049%, due 11/15/2049 101 0.19

100 Morgan Stanley Capital I Trust2016-UBS12, Series 2016UB12, Class C,4.289%, due 12/15/2049 * 98 0.18

149 Sequoia Mortgage Trust2003-5, Series 2003 5,Class A1,1.851%, due 9/20/2033 * 148 0.28

4 Structured Adjustable RateMortgage Loan Trust, Series2004 10, Class 1A1,3.412%, due 8/25/2034 * 4 0.01

30 Thornburg Mortgage SecuritiesTrust 2007-4, Series 2007 4,Class 1A1,2.998%, due 9/25/2037 * 30 0.06

37 WaMu Mortgage Pass-ThroughCertificates Series 2005-AR8,Series 2005 AR8, Class 2A1A,1.524%, due 7/25/2045 * 36 0.07

1,461 Wells Fargo CommercialMortgage Trust 2015-NXS1,Series 2015 NXS1, Class XA,1.319%, due 5/15/2048 * 89 0.17

1,782 Wells Fargo CommercialMortgage Trust 2016-C36,Series 2016 C36, Class XA,1.508%, due 11/15/2059 * 157 0.29

140 Wells Fargo CommercialMortgage Trust 2017-RC1,Series 2017 RC1, Class A2,3.118%, due 1/15/2060 145 0.27

34 Wells Fargo Mortgage BackedSecurities 2004-I Trust, Series2004 I, Class B2,3.335%, due 7/25/2034 * 29 0.05

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

110 WFRBS Commercial MortgageTrust 2014-C23, Series 2014C23, Class AS,4.210%, due 10/15/2057 * 118 0.22

1,999 WFRBS Commercial MortgageTrust 2014-C23, Series 2014C23, Class XA,0.816%, due 10/15/2057 * 67 0.13

100 WFRBS Commercial MortgageTrust 2014-LC14, Series 2014LC14, Class ASB,3.522%, due 3/15/2047 105 0.20

Total Mortgage-Backed Securities(Cost $26,093) 26,104 48.74

Corporate Bonds and Notes 26.02%(February 28, 2017: 23.71%)

Australia 0.30% (February 28, 2017: 0.19%)

8 BHP Billiton Finance USA Ltd,2.875%, due 2/24/2022 8 0.02

120 BHP Billiton Finance USA Ltd,5.000%, due 9/30/2043 142 0.26

10 Commonwealth Bank ofAustralia,5.000%, due 10/15/2019 11 0.02

161 0.30

Belgium 0.70% (February 28, 2017: 0.86%)

30 Anheuser-Busch InBev FinanceInc,2.650%, due 2/1/2021 31 0.06




60 Anheuser-Busch InBevWorldwide Inc,5.375%, due 1/15/2020 65 0.12

375 0.70

Brazil 0.79% (February 28, 2017: 0.56%)

210 Petrobras Global Finance BV,5.375%, due 1/27/2021 217 0.41



90 Vale Overseas Ltd,6.250%, due 8/10/2026 102 0.19

40 Vale Overseas Ltd,6.875%, due 11/21/2036 46 0.08

423 0.79

Canada 0.72% (February 28, 2017: 0.67%)

113 Barrick Gold Corp,4.100%, due 5/1/2023 124 0.23

40 Barrick North America FinanceLLC,5.700%, due 5/30/2041 48 0.09

10 Potash Corp of SaskatchewanInc,4.875%, due 3/30/2020 11 0.02

200 Royal Bank of Canada,1.875%, due 2/5/2020 200 0.38

383 0.72

Chile 0.01% (February 28, 2017: 0.10%)

5 Celulosa Arauco y ConstitucionSA,4.750%, due 1/11/2022 5 0.01

Colombia 0.18% (February 28, 2017: 0.16%)

100 Ecopetrol SA,5.875%, due 5/28/2045 97 0.18

France 0.48% (February 28, 2017: 0.46%)

60 BNP Paribas SA,2.700%, due 8/20/2018 61 0.11

200 Danone SA,2.589%, due 11/2/2023 197 0.37

258 0.48

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Mexico 0.72% (February 28, 2017: 0.74%)

50 America Movil SAB de CV,5.625%, due 11/15/2017 50 0.09

200 Mexico City Airport Trust,5.500%, due 10/31/2046 207 0.39

10 Petroleos Mexicanos, Series WI,3.500%, due 1/30/2023 10 0.02

90 Petroleos Mexicanos,6.625%, due 6/15/2035 98 0.18

20 Petroleos Mexicanos,6.375%, due 1/23/2045 21 0.04

386 0.72

Netherlands 1.46% (February 28, 2017: 1.46%)

120 Bank Nederlandse GemeentenNV,4.375%, due 2/16/2021 130 0.24

20 Cooperatieve Rabobank UA,3.875%, due 2/8/2022 21 0.04

280 Cooperatieve Rabobank UA/NY,3.375%, due 5/21/2025 291 0.54

80 Shell International Finance BV,4.375%, due 3/25/2020 85 0.16





779 1.46

Peru 0.20% (February 28, 2017: 0.16%)

100 Southern Copper Corp,5.250%, due 11/8/2042 107 0.20

Spain 0.02% (February 28, 2017: 0.02%)

10 Telefonica Emisiones SAU,5.877%, due 7/15/2019 11 0.02

Switzerland 0.04% (February 28, 2017: 0.04%)

20 Glencore Finance Canada Ltd,2.700%, due 10/25/2017 20 0.04

United Kingdom 1.96% (February 28, 2017: 1.31%)

50 BP Capital Markets Plc,3.245%, due 5/6/2022 52 0.10




70 Diageo Capital Plc,4.828%, due 7/15/2020 76 0.14

210 HSBC Holdings Plc,4.041%, due 3/13/2028 * 221 0.41

200 Lloyds Banking Group Plc,3.100%, due 7/6/2021 204 0.38

200 Lloyds Banking Group Plc,4.650%, due 3/24/2026 213 0.40

11 Reynolds American Inc,3.250%, due 6/12/2020 11 0.02

20 Reynolds American Inc,5.850%, due 8/15/2045 24 0.04

40 RJ Reynolds Tobacco Co/NC,8.125%, due 6/23/2019 44 0.08

10 WPP Finance 2010,5.125%, due 9/7/2042 11 0.02

1,049 1.96

United States 18.44% (February 28, 2017: 16.98%)

10 21st Century Fox America Inc,6.650%, due 11/15/2037 13 0.02

20 Abbott Laboratories,3.750%, due 11/30/2026 21 0.04



20 AbbVie Inc,3.600%, due 5/14/2025 21 0.04

10 Aetna Inc,2.800%, due 6/15/2023 10 0.02


18




FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Corporate Bonds and Notes (continued)

United States (continued)

10 Aetna Inc,3.875%, due 8/15/2047 10 0.02

20 Allergan Funding SCS,3.450%, due 3/15/2022 21 0.04

40 Allergan Funding SCS,3.800%, due 3/15/2025 42 0.08

10 Altria Group Inc,9.250%, due 8/6/2019 11 0.02



30 Amazon.com Inc,4.950%, due 12/5/2044 35 0.07

100 American International GroupInc,6.250%, due 3/15/2087 * 109 0.20

11 Amgen Inc,4.663%, due 6/15/2051 12 0.02

20 Anadarko Petroleum Corp,8.700%, due 3/15/2019 22 0.04

150 Anadarko Petroleum Corp,4.500%, due 7/15/2044 141 0.26

20 Anthem Inc,3.125%, due 5/15/2022 21 0.04

144 Apache Corp,3.250%, due 4/15/2022 147 0.27

20 Apache Corp,4.250%, due 1/15/2044 19 0.03

130 Apple Inc,2.450%, due 8/4/2026 126 0.24

20 AT&T Inc,5.800%, due 2/15/2019 21 0.04

20 AT&T Inc,4.250%, due 3/1/2027 21 0.04

10 AT&T Inc,3.900%, due 8/14/2027 10 0.02

20 AT&T Inc,4.900%, due 8/14/2037 20 0.04

80 AT&T Inc,4.350%, due 6/15/2045 73 0.14

27 AT&T Inc,4.500%, due 3/9/2048 25 0.05

30 Bank of America Corp, Series L,2.600%, due 1/15/2019 30 0.06

10 Bank of America Corp,5.625%, due 7/1/2020 11 0.02










30 Bank of America Corp,3.593%, due 7/21/2028 * 30 0.06


60 Becton Dickinson and Co,3.363%, due 6/6/2024 61 0.11



10 Berkshire Hathaway Energy Co,6.500%, due 9/15/2037 14 0.03

10 Boeing Capital Corp,4.700%, due 10/27/2019 11 0.02

20 Boeing Co/The,4.875%, due 2/15/2020 22 0.04

20 Cardinal Health Inc,2.616%, due 6/15/2022 20 0.04

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

20 Cardinal Health Inc,3.079%, due 6/15/2024 20 0.04

10 Celgene Corp,3.550%, due 8/15/2022 10 0.02

60 Celgene Corp,3.875%, due 8/15/2025 63 0.12

10 Celgene Corp,5.250%, due 8/15/2043 12 0.02

90 Charter CommunicationsOperating LLC / CharterCommunications OperatingCapital,6.484%, due 10/23/2045 103 0.19

60 Chevron Corp,2.954%, due 5/16/2026 61 0.11

10 Chubb INA Holdings Inc,2.300%, due 11/3/2020 10 0.02

10 Chubb INA Holdings Inc,3.350%, due 5/3/2026 10 0.02

20 Cintas Corp No 2,2.900%, due 4/1/2022 20 0.04

30 Cintas Corp No 2,3.700%, due 4/1/2027 32 0.06

70 Citigroup Inc,4.500%, due 1/14/2022 76 0.14










10 Comcast Corp,7.050%, due 3/15/2033 14 0.03

30 Comcast Corp,6.550%, due 7/1/2039 41 0.08

20 ConocoPhillips Holding Co,6.950%, due 4/15/2029 26 0.05

50 CVS Health Corp,2.750%, due 12/1/2022 51 0.09



6 CVS Pass-Through Trust,5.880%, due 1/10/2028 7 0.01

44 Delta Air Lines 2007-1 Class APass Through Trust,Series 071A,6.821%, due 8/10/2022 50 0.09

10 Devon Energy Corp,3.250%, due 5/15/2022 10 0.02




10 Duke Energy Corp,3.550%, due 9/15/2021 10 0.02



10 Eaton Corp,1.500%, due 11/2/2017 10 0.02

50 Eaton Corp,2.750%, due 11/2/2022 51 0.09

50 Eaton Corp,4.150%, due 11/2/2042 52 0.10

10 Ecolab Inc,4.350%, due 12/8/2021 11 0.02

20 Eli Lilly & Co,3.100%, due 5/15/2027 20 0.04

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

20 EOG Resources Inc,4.150%, due 1/15/2026 21 0.04

40 Exxon Mobil Corp,3.043%, due 3/1/2026 41 0.08

30 Exxon Mobil Corp,4.114%, due 3/1/2046 32 0.06

10 FirstEnergy Corp, Series B,4.250%, due 3/15/2023 11 0.02

50 FirstEnergy Corp, Series B,3.900%, due 7/15/2027 51 0.10

130 FirstEnergy Corp, Series C,7.375%, due 11/15/2031 176 0.33

200 Ford Motor Credit Co LLC,3.200%, due 1/15/2021 204 0.38

20 Freeport-McMoRan Inc,3.550%, due 3/1/2022 20 0.04

60 General Electric Co,4.625%, due 1/7/2021 65 0.12





30 General Motors Co,6.250%, due 10/2/2043 34 0.06

20 General Motors Financial CoInc,3.450%, due 4/10/2022 20 0.04

20 General Motors Financial CoInc,4.350%, due 1/17/2027 21 0.04

40 Gilead Sciences Inc,3.700%, due 4/1/2024 42 0.08

40 Gilead Sciences Inc,4.750%, due 3/1/2046 45 0.08

3 Goldman Sachs Capital II,4.000%, Perpetual * 3

20 Goldman Sachs Group Inc/The,2.900%, due 7/19/2018 20 0.04







50 Halliburton Co,3.800%, due 11/15/2025 52 0.10

20 Harris Corp,4.854%, due 4/27/2035 22 0.04

10 Harris Corp,5.054%, due 4/27/2045 11 0.02

40 HSBC Finance Corp,6.676%, due 1/15/2021 45 0.08

30 Humana Inc,3.150%, due 12/1/2022 31 0.06

30 Humana Inc,3.950%, due 3/15/2027 32 0.06

10 Humana Inc,4.950%, due 10/1/2044 12 0.02

10 Intel Corp,3.700%, due 7/29/2025 11 0.02

10 Intel Corp,4.900%, due 7/29/2045 12 0.02

80 International Lease FinanceCorp,8.625%, due 1/15/2022 99 0.18

10 John Deere Capital Corp,2.250%, due 4/17/2019 10 0.02

10 John Deere Capital Corp,1.700%, due 1/15/2020 10 0.02

30 Johnson & Johnson,3.700%, due 3/1/2046 31 0.06

10 JPMorgan Chase & Co,4.350%, due 8/15/2021 11 0.02



19




FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

Corporate Bonds and Notes (continued)

United States (continued)





20 Kerr-McGee Corp,6.950%, due 7/1/2024 24 0.04

20 Kraft Heinz Foods Co,3.500%, due 6/6/2022 21 0.04



10 Kroger Co/The,6.150%, due 1/15/2020 11 0.02

280 Lehman Brothers Escrow, zerocoupon, Perpetual

270 Lehman Brothers Holding Inc,zero coupon,due 12/28/2017

140 Lehman Brothers HoldingsCapital Trust Escrow, zerocoupon, Perpetual

132 Lehman Escrow Receipt, zerocoupon, Perpetual 17 0.03

104 Lehman Swap Receipt, zerocoupon, Perpetual 5 0.01

20 Lockheed Martin Corp,3.100%, due 1/15/2023 21 0.04

150 Lockheed Martin Corp,3.550%, due 1/15/2026 157 0.29

30 Mastercard Inc,3.375%, due 4/1/2024 32 0.06

30 McDonalds Corp,3.700%, due 1/30/2026 32 0.06

20 McDonalds Corp,3.500%, due 3/1/2027 21 0.04

100 Medtronic Global HoldingsSCA,3.350%, due 4/1/2027 103 0.19

10 Medtronic Inc,3.125%, due 3/15/2022 10 0.02

20 Merck & Co Inc,2.750%, due 2/10/2025 20 0.04

65 MetLife Inc,6.400%, due 12/15/2036 75 0.14

300 Microsoft Corp,2.400%, due 8/8/2026 292 0.55

30 Microsoft Corp,3.300%, due 2/6/2027 31 0.06

10 Newell Brands Inc,3.150%, due 4/1/2021 10 0.02



40 Noble Energy Inc,4.150%, due 12/15/2021 42 0.08



9 Northwest Airlines 1999-2Class A Pass Through Trust,Series 992A,7.575%, due 3/1/2019 9 0.02

10 Occidental Petroleum Corp,2.700%, due 2/15/2023 10 0.02






10 Pacific Gas & Electric Co,8.250%, due 10/15/2018 11 0.02

FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue

100 Pacific Gas & Electric Co,6.050%, due 3/1/2034 130 0.24

20 Philip Morris International Inc,2.900%, due 11/15/2021 21 0.04



10 Progress Energy Inc,3.150%, due 4/1/2022 10 0.02

10 Raytheon Co,3.125%, due 10/15/2020 10 0.02

30 State Street Corp,4.956%, due 3/15/2018 30 0.06

10 State Street Corp,3.300%, due 12/16/2024 10 0.02

2 Teachers Insurance & AnnuityAssociation of America,6.850%, due 12/16/2039 3

60 Time Warner Inc,4.700%, due 1/15/2021 65 0.12

20 TJX Cos Inc/The,2.250%, due 9/15/2026 19 0.03

50 Toyota Motor Credit Corp,1.250%, due 10/5/2017 50 0.09

20 United Technologies Corp,4.500%, due 6/1/2042 21 0.04

20 UnitedHealth Group Inc,3.875%, due 10/15/2020 21 0.04

50 UnitedHealth Group Inc,4.250%, due 3/15/2043 54 0.10

50 US Bancorp,3.600%, due 9/11/2024 52 0.10

10 Verizon Communications Inc,5.150%, due 9/15/2023 11 0.02







10 Viacom Inc,4.250%, due 9/1/2023 10 0.02

20 Visa Inc,2.200%, due 12/14/2020 20 0.04

80 Visa Inc,3.150%, due 12/14/2025 82 0.15

30 Visa Inc,4.300%, due 12/14/2045 33 0.06

110 Wachovia Capital Trust III,5.570%, Perpetual * 111 0.21

30 Walgreens Boots Alliance Inc,3.450%, due 6/1/2026 30 0.06

40 Wal-Mart Stores Inc,6.200%, due 4/15/2038 55 0.10

50 Wal-Mart Stores Inc,5.625%, due 4/15/2041 65 0.12

10 Waste Management Inc,4.600%, due 3/1/2021 11 0.02



60 Wells Fargo & Co,4.125%, due 8/15/2023 64 0.12








FaceValue(000s)

Value(000s)

$

% ofNet

AssetValue


30 Wyeth LLC,5.950%, due 4/1/2037 40 0.07

9,878 18.44

Total Corporate Bonds and Notes(Cost $13,945) 13,932 26.02

Government Bonds and Notes 13.29%(February 28, 2017: 37.41%)

China 0.14% (February 28, 2017: 0.24%)

CNY 500 China Government Bond,3.310%, due 11/30/2025 73 0.14

Colombia 0.42% (February 28, 2017: 0.39%)

200 Colombia GovernmentInternational Bond,5.625%, due 2/26/2044 225 0.42

Indonesia 0.39% (February 28, 2017: 0.36%)

200 Indonesia GovernmentInternational Bond,4.625%, due 4/15/2043 207 0.39

Mexico 1.70% (February 28, 2017: 1.47%)

870 Mexico GovernmentInternational Bond,4.750%, due 3/8/2044 909 1.70

Peru 0.21% (February 28, 2017: 0.19%)

Documents

Semi-Annual Report (Unaudited) - Investment … Report (Unaudited) Legg Mason Global Funds Plc An umbrella fund with segregated liability between sub-funds For the six months ended