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Legg Mason Global Funds FCP (Luxembourg) A Mutual Fund constituted under the Luxembourg Law as a “fonds commun de placement” with multiple compartments (Sub-Funds) A Mutual Fund under Luxembourg Law Unaudited Semi-Annual Report for the period ended Schedule of Investments and Other Net Assets and Industrial Classification Legg Mason US Growth and Value Fund Legg Mason Emerging Markets Equity Fund Statement of Operations and Changes in Net Assets Notes to the Financial Statements as of 30 September 2010 No subscription can be received on the basis of financial reports.
Subscriptions are only valid if made on the basis of the current The Management Company has, at its own expense appointed the following Investment Managers to support the Management of theFund’s assets: Batterymarch Financial Management, Inc.
John Hancock Tower200 Clarendon StreetBoston, MA 02116, U.S.A.
Legg Mason Investments (Luxembourg) S.A.
L-8030 Strassen, Grand Duchy of Luxembourg Legg Mason International Equities Ltd.
Legg Mason Investments (Luxembourg) S.A., (the ‘‘Management (trading as ‘‘Esemplia Emerging Markets’’) Company’’) was established in Luxembourg on 26 May 1988 as a Socie´te´ Anonyme under the laws of Luxembourg for an unlimited Its Articles of Incorporation were deposited with the ‘‘Registre de Custodian Bank, Administrator, Transfer Agent and Commerce et des Socie´te´s’’ of Luxembourg and published in the ‘‘Me´morial’’ on 25 July 1988 with the last amendment on Citibank International plc (Luxembourg Branch) Its objective is the creation, administration, marketing and manage- ment of one or several Luxembourg and/or foreign collective L-8070 Bertrange, Grand Duchy of Luxembourg investments funds in transferable securities authorised according to the directive 85/611/EEC and to provide services to UCI (Under-takings for Collective Investment).
PricewaterhouseCoopers S.a` r.l.
400, Route d’Esch Board of Directors of the Management Company L-1471 Luxembourg, Grand Duchy of Luxembourg Chairman
Joseph P. LaRocqueManaging DirectorLegg Mason & Co. LLC100 International DriveBaltimore, MD 21202, U.S.A.
Directors
John AlldisManaging DirectorLegg Mason Investments (Luxembourg) S.A.
145, rue du KiemL-8030 Strassen, Grand Duchy of Luxembourg Brian CollinsConsultantFestina LenteHerbert RoadBray. Co. Wicklow, Ireland Joseph M. KeaneConsultant15 Rathasker HeightsNass. Co. Kildare, Ireland General Information on theFund – (continued) Regarding the Distribution of the Fund in Germany The Articles of Incorporation, the prospectus and the simplifiedprospectus, the annual and semi-annual reports as well as thechanges in the investment portfolios during the reporting year can beobtained free of charge at the registered office of the representativeand paying agent for Germany which is: Marcard, Stein & Co. AGBallindamm 3620095 Hamburg, Germany Regarding the Distribution of the Fund in Switzerland The Articles of Incorporation, the prospectus and the simplifiedprospectus, the annual and semi-annual reports as well as thechanges in the investment portfolios during the reporting year can beobtained free of charge at the registered office of the Information,distribution and paying agent for Switzerland which is: BNP Paribas Securities Services, ParisSuccursale de Zu¨richSelnaustrasse 16, case postale,8022 Zu¨rich, Switzerland Information to UnitholdersAudited annual reports are available for inspection by Unitholders atthe registered office of the Management Company and at the payingagents and distributors within four months after the close of theaccounting year. Unaudited semi-annual reports are also madeavailable in the same manner within two months after the end of theperiod to which they refer.
Legg Mason Global Equity Fund(expressed in USD)Schedule of Investments and Other Net Assetsas of 30 September 2010 Quantity/
Quantity/
Value Description
Market Value
Value Description
Market Value
Transferable securities and money market instruments admitted to
an official exchange listing
AUD Equities
4,327 Australia & New Zealand Banking Group Limited 26,995 Terna Rete Elettrica Nazionale SpA BRL Equities
6,900 Banco Itau Holding Financeira SA – Pfd CAD Equities
GBP Equities
2,300 Brookfield Asset Management Inc.
2,600 Industrial Alliance Insurance and Financial Service CHF Equities
326 Zurich Financial Services AG – Reg.
EUR Equities
HKD Equities
24,000 China Overseas Land & Investment Limited 11,199 Banco Bilbao Vizcaya Argentaria SA 12,500 China Shenhua Energy Company Limited – H JPY Equities
2,498 Hannover Rueckversicherung AG – Reg.
5,700 Kansai Electric Power Company Inc.
5,500 Kyushu Electric Power Company Inc.
1,108 LVMH Moet Hennessy Louis Vuitton SA 24,100 Mitsubishi UFJ Financial Group Inc.
837 Muenchener Rueckversicherungs-Gesellschaft AG – 7,800 Sumitomo Electric Industries Limited 5,000 Sumitomo Mitsui Financial Group Inc.
Legg Mason Global Equity Fund(expressed in USD)Schedule of Investments and Other Net Assetsas of 30 September 2010 – (continued) Quantity/
Quantity/
Value Description
Market Value
Value Description
Market Value
1,232 International Business Machines Corp.
KRW Equities
NOK Equities
SEK Equities
SGD Equities
USD Equities
3,808 Philip Morris International Inc.
1,200 PNC Financial Services Group Inc.
4,200 Computer Associates International Inc.
3,100 EI Du Pont de Nemours & Company 3,500 Endo Pharmaceuticals Holdings Inc.
ZAR Equities
12,215 General Electric Capital Corp.
Total Equities
23,512,952
AUD Funds
HKD Funds
Legg Mason Global Equity Fund(expressed in USD)Schedule of Investments and Other Net Assets Industrial Classification as of 30 September 2010 as of 30 September 2010 – (continued) Quantity/
Value Description
Market Value
USD Funds
Total Funds
Total Transferable securities and money market
instruments admitted to an official exchange
23,698,618
Transferable securities and money market instruments dealt in on
another regulated market and recently issued transferable securities
USD Equities
Total Equities
Total Transferable securities and money market
instruments dealt in on another regulated
market and recently issued transferable
securities
Total Investments in Securities
23,779,624
Other Net Assets
Total Net Assets
23,978,138 100.00
Total Investments in Securities
Other Net Assets
Total Net Assets
The accompanying notes form an integral part of the Financial Statements Legg Mason US Growth and Value Fund(expressed in USD)Schedule of Investments and Other Net Assetsas of 30 September 2010 Quantity/
Quantity/
Value Description
Market Value
Value Description
Market Value
Transferable securities and money market instruments admitted to
an official exchange listing
USD Equities
2,420 Air Products & Chemicals Inc.
Total Equities
12,902,627
Total Transferable securities and money market
instruments admitted to an official exchange
12,902,627
Total Investments in Securities
12,902,627
Other Net Assets
Total Net Assets
13,329,814 100.00
2,000 Diamond Offshore Drilling Inc.
1,380 Freeport-McMoRan Copper & Gold Inc.
14,867 General Electric Capital Corp.
5,413 Philip Morris International Inc.
The accompanying notes form an integral part of the Financial Statements Legg Mason US Growth and Value FundIndustrial Classification as of 30 September 2010 Total Investments in Securities
Other Net Assets
Total Net Assets
Legg Mason Emerging Markets Equity Fund(expressed in USD)Schedule of Investments and Other Net Assetsas of 30 September 2010 Quantity/
Quantity/
Value Description
Market Value
Value Description
Market Value
Transferable securities and money market instruments admitted to an
IDR Equities
official exchange listing
HKD Structured notes
1,546,000 Indocement Tunggal Prakarsa Tbk PT Total Structured notes
5,087,217
3,300,000 International Nickel Indonesia Tbk PT BRL Equities
11,284,000 Telekomunikasi Indonesia Tbk PT INR Equities
856,864 Housing Development & Infrastructure Limited 745,400 IVRCL Infrastructures & Projects Limited 3,122,706 Sterlite Industries India Limited CAD Equities
595,250 Tata Consultancy Services Limited 329,742 Pacific Rubiales Energy Corp.
KRW Equities
GBP Equities
126,046 GS Engineering & Construction Corp.
1,180,480 Korea Life Insurance Company Limited 52,067 Samsung Electronics Company Limited 565,073 Shinhan Financial Group Company Limited HKD Equities
2,038,000 AAC Acoustic Technologies Holdings Inc.
23,859,000 Agricultural Bank of China – H MXN Equities
2,250,000 China High Precision Automation Group Limited 2,075,800 China Pacific Insurance Group Company Limited – H 2,284,956 Grupo Financiero Banorte SAB de CV 11,570,000 China Railway Group Limited – H 2,697,000 China Shenhua Energy Company Limited – H 437,352 Urbi Desarrollos Urbanos SAB de CV 2,700,000 China South Locomotive and Rolling Stock Corp. – H MYR Equities
21,605,000 Industrial & Commercial Bank of China – H 3,534,000 Ju Teng International Holdings Limited PLN Equities
440,054 Powszechna Kasa Oszczednosci Bank Polski SA 1,886,000 Shanghai Industrial Holdings Limited SGD Equities
4,690,000 Uni-President China Holdings Limited 6,541,000 China Milk Products Group Limited 4,684,000 Yanzhou Coal Mining Company Limited – H Legg Mason Emerging Markets Equity Fund(expressed in USD)Schedule of Investments and Other Net Assetsas of 30 September 2010 – (continued) Quantity/
Quantity/
Value Description
Market Value
Value Description
Market Value
THB Equities
ZAR Equities
15,058,900 Italian-Thai Development PCL – NVDR 1,201,038 Murray & Roberts Holdings Limited 2,147,500 Siam Commercial Bank PCL – Reg.
Total Equities
1,049,441,916
1,559,900 Tisco Financial Group PCL – NVDR SGD Funds
TRY Equities
Total Funds
2,592,426
Total Transferable securities and money market
1,971,667 Turkiye Sinai Kalkinma Bankasi AS instruments admitted to an official exchange
listing

1,057,121,559
Transferable securities and money market instruments dealt in on
TWD Equities
another regulated market and recently issued transferable securities
TWD Equities
2,880,000 Prime View International Company Limited USD Equities
6,510,520 Hon Hai Precision Industry Limited Total Equities
6,150,864
Total Transferable securities and money market
instruments dealt in on another regulated
712,000 Ruentex Development Company Limited market and recently issued transferable
securities
6,150,864
5,992,385 Uni-President Enterprises Company Other transferable securities and money market instruments
CAD Warrants Equity
USD Equities
Total Warrants Equity
Total Other transferable securities and money
market instruments
1,144,907 Gazprom OAO – ADR – Reg.
Total Investments in Securities
1,063,272,423
Other Net Assets
6,627,622
235,500 Gol Linhas Aereas Inteligentes SA – ADR Total Net Assets
1,069,900,045 100.00
1,191,042 Itau Unibanco Holding SA – ADR 387,750 Magnitogorsk Iron & Steel Works – GDR The accompanying notes form an integral part of the Financial Statements Legg Mason Emerging Markets Equity FundIndustrial Classification as of 30 September 2010 Total Investments in Securities
Other Net Assets
Total Net Assets
Statement of Net Assets as of 30 September 2010 Legg Mason
Legg Mason
Legg Mason
Global Equity
US Growth and
Emerging Markets
Value Fund
Equity Fund
Combined Φ
Unrealised appreciation/(depreciation) (note 2b) Total assets
24,157,195
13,491,708
1,071,681,574
1,109,330,477
Liabilities
Total liabilities
1,781,529
2,122,480
Net assets
23,978,138
13,329,814
1,069,900,045
1,107,207,997
The accompanying notes form an integral part of the Financial Statements Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2010 Legg Mason
Legg Mason
Legg Mason
Legg Mason
Global Equity
US Growth and
US Large Cap
US Aggressive
Value Fund
Growth Fund αβ
Growth Fund β
Net assets at the beginning of the period
26,665,467
14,700,920
7,949,673
26,059,404
Total income
Expenses
Custody, transfer agent and administration fees (note 4) Total expenses
Net income / (loss) from investments
(39,365)
(39,202)
(108,522)
Net realised gain / (loss) on:
Forward foreign exchange contracts (note 2f) Net change in unrealised appreciation / (depreciation) on:
Net change in net assets for the period resulting from operations
(742,822)
(622,306)
(1,153,236)
(2,116,648)
Net payments from subscription and redemption activity
(1,941,289)
(748,800)
(6,796,409)
(23,942,211)
Net assets at the end of the period
23,978,138
13,329,814
Not authorised in Hong Kong and not available to Hong Kong Residents.
The accompanying notes form an integral part of the Financial Statements Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2010 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
US Fundamental
Pan-Europe
Japan Equity
Asia Pacific
Value Fund αβ
Equity Fund β
(ex Japan) Fund β
Net assets at the beginning of the period
47,502,341
71,162,795
2,059,904,834
44,306,824
Total income
1,212,687
2,696,944
Expenses
Custody, transfer agent and administration fees (note 4) Total expenses
12,173,712
Net income / (loss) from investments
(9,476,768)
Net realised gain / (loss) on:
Forward foreign exchange contracts (note 2f) Net change in unrealised appreciation / (depreciation) on:
Net change in net assets for the period resulting from operations
(5,358,879)
(2,879,743)
(391,576,246)
(717,154)
Net payments from subscription and redemption activity
(42,143,225)
(68,281,776)
(1,668,328,588)
(43,587,401)
Net assets at the end of the period
Not authorised in Hong Kong and not available to Hong Kong Residents.
The accompanying notes form an integral part of the Financial Statements Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2010 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
Emerging Markets
US$ High Yield
Euro Core Plus
Equity Fund
Bond Fund β
Bond Fund αβ
Bond Fund αβ
Net assets at the beginning of the period
1,040,554,213
25,185,156
22,158,996
Total income
15,726,514
Expenses
Custody, transfer agent and administration fees (note 4) Total expenses
4,730,599
Net income / (loss) from investments
10,995,915
Net realised gain / (loss) on:
Forward foreign exchange contracts (note 2f) Net change in unrealised appreciation / (depreciation) on:
Net change in net assets for the period resulting from operations
82,407,497
Net payments from subscription and redemption activity
(53,054,234)
(25,877,350)
(470,732)
(22,603,009)
Net assets at the end of the period
1,069,900,045
Not authorised in Hong Kong and not available to Hong Kong Residents.
The accompanying notes form an integral part of the Financial Statements Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2010 – (continued) Combined Φ
USD

Net assets at the beginning of the period
1,384,905,532φ
Total income
19,788,655
Expenses
Custody, transfer agent and administration fees (note 4) Total expenses
7,142,238
Net income / (loss) from investments
12,646,417
Net realised gain / (loss) on:
Forward foreign exchange contracts (note 2f) Net change in unrealised appreciation / (depreciation) on:
Net change in net assets for the period resulting from operations
64,485,835
Net payments from subscription and redemption activity
(342,102,438)
Net assets at the end of the period
1,107,207,997
The opening balance was combined using the foreign exchange rates as of 30 September 2010. The same net assets when combined using the foreign exchange rates ruling as of31 March 2010 reflected a figure of USD 1,380,728,728.
The accompanying notes form an integral part of the Financial Statements Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 Legg Mason
Legg Mason
Legg Mason
Legg Mason
Global Equity
US Growth and
US Large Cap
US Aggressive
Value Fund
Growth Fund αβ
Growth Fund β
Net assets as of
30 September 2010
31 March 2010
31 March 2009
Net asset value per unit as of 30 September 2010
Number of units outstanding as of 30 September 2010
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
Global Equity
US Growth and
US Large Cap
US Aggressive
Value Fund
Growth Fund αβ
Growth Fund β
Net asset value per unit as of 31 March 2010
Net asset value per unit as of 31 March 2009
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
US Fundamental
Pan-Europe
Japan Equity
Asia Pacific
Value Fund αβ
Equity Fund β
(ex Japan) Fund β
Net assets as of
30 September 2010
31 March 2010
31 March 2009
Net asset value per unit as of 30 September 2010
Number of units outstanding as of 30 September 2010
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
US Fundamental
Pan-Europe
Japan Equity
Asia Pacific
Value Fund αβ
Equity Fund β
(ex Japan) Fund β
Net asset value per unit as of 31 March 2010
Net asset value per unit as of 31 March 2009
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
Emerging Markets
US$ High Yield
Euro Core Plus
Equity Fund
Bond Fund β
Bond Fund αβ
Bond Fund αβ
Net assets as of
30 September 2010
31 March 2010
31 March 2009
Net asset value per unit as of 30 September 2010
Number of units outstanding as of 30 September 2010
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Net Assets Information as of 30 September 2010, 31 March 2010 and31 March 2009 – (continued) Legg Mason
Legg Mason
Legg Mason
Legg Mason
Emerging Markets
US$ High Yield
Euro Core Plus
Equity Fund
Bond Fund β
Bond Fund αβ
Bond Fund αβ
Net asset value per unit as of 31 March 2010
Net asset value per unit as of 31 March 2009
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
Notes to the Financial Statements as of 30 September 2010 1. Description of the Fund
Legg Mason Global Funds FCP (Luxembourg), (the ‘‘Fund’’), has been established in Luxembourg as an open-ended mutual investment fund under Luxembourg law.
The Fund is an Undertaking for Collective Investment in Transferable Securities (UCITS) qualifying under Part I of the Luxembourg law of 20 December 2002.
The Fund is an umbrella fund insofar as the Fund is divided into different Sub-Funds, each representing a portfolio of assets (a ‘‘Sub-Fund’’).
Units in any particular Sub-Fund are divided into different classes to accommodate different subscription and redemption provisions and/or fees and charges to which they are subject to aswell as their availability to certain types of investors.
Class A Units which have an initial sales charge of up to 5% applied by the Intermediaries incur a lower management fee than Class B Units and Class C Units.
Class B Units which are not subject to any initial sales charge are subject to a Contingent Deferred Sales Charge (‘‘CDSC’’) (as described in the prospectus) and incur a higher managementfee than Class A Units. At the end of the period, no Class B Units have been issued.
Class C Units which have an initial sales charge of up to 2.5% applied by the Intermediaries incur a higher management fee than Class A Units.
Class I Units are only available to institutional investors and are not subject to any initial sales charges. They are subject to a management fee as determined by the Management Company.
Class M Units are not subject to any sales charges but incur a fee charged by the Administrator. Class M Units are specifically for use by Legg Mason Investment Managers, or at thediscretion of the Board of Directors of the Management Company.
Class P Units are available for investment at their Net Asset Value per unit with no initial sales charge and incur a lower management fee than Class A, B and C Units. However, investment inClass P is subject to a minimum subscription amount of USD 2 million or its near equivalent in any other freely convertible currency.
Each class may issue units with different distribution entitlements attached (‘‘Sub-Class’’: Ordinary Units or Distribution Units) and the units of each Sub-Class may be available forsubscription in different currencies (‘‘Offering Currencies’’).
As of 30 September 2010, the Fund is offering the following type of Investment Series, which is designed to meet different investors’ needs. It provides several options that differ in terms ofrisk level and currency denomination.
The Equity Series is comprised of 3 Sub-Funds: . Legg Mason Emerging Markets Equity Fund The securities and other assets of the Fund are segregated from the assets of the Management Company and from the assets of other investment funds, which the Management Companymanages, and are managed by the Management Company in the interests of the Unitholders and on their behalf.
The Management Company may in the future create new Sub-Funds and Units classes.
The accounting year of the Fund ends on 31 March of each year.
2. Summary of Significant Accounting Policies
The accounting policies of the Fund conform with Luxembourg legal and regulatory requirements relating to investment funds.
a) Foreign Currencies
The financial statements and accounting records of each Sub-Fund are expressed in the reference currency of the relevant Sub-Fund. Transactions in currencies other than the Sub-Fund’scurrency are translated into the Sub-Fund’s currency based on the exchange rates in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are translated at the exchange rate on the balance sheet date. Any resulting gains or losses are recognised in the Statement ofOperations and Changes in Net Assets under the heading ‘‘Net realised gain / (loss) on sales of investments’’.
Main exchange rates used as of 30 September 2010 are: b) Investment Securities
Securities listed on an official exchange or dealt on another regulated market are valued on the basis of the last available price. If a security is quoted on different markets, the quotation ofthe main market for this security is used. Fixed income securities are valued on the basis of the latest available mid price on the relevant stock exchange or the mid price of last availablequotes from market makers that constitute the main market for such securities.
Non-listed securities and securities which are listed or dealt on a regulated market but in respect of which the last sales price is not representative of the fair value, are valued on the basis oftheir probable sales price as determined with prudence and in good faith by the Management Company.
Liquid assets, money market instruments and short term instruments (especially discount instruments) that have a maturity of less than 90 days are valued at their face value with interestaccrued or on an amortised cost basis. In the case of short term instruments (especially discount instruments) that have a maturity of less than 90 days, the value of the instrument based onthe net acquisition cost, is gradually adjusted to the repurchase price thereof while the investment return calculated on the net acquisition cost is kept constant. In the event of materialchanges in market conditions, the valuation basis of the investment is adjusted to the new market yields.
All other liquid assets are valued on the basis of their applicable market rates. Assets denominated in a currency other than the currency of denomination of a particular Sub-Class are re-valued using the applicable foreign exchange rate as set out in (a) above.
In the event of it being impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, such as hidden credit risk, the ManagementCompany is entitled to use other generally recognised valuation principles, which can be examined by the Auditor of the Fund in order to reach a proper valuation of the total assets of theFund.
The difference between the cost of securities and their market value on the balance sheet date is recognised in the Statement of Net Assets under the heading ‘‘Unrealised appreciation /(depreciation)’’.
Any change in the difference arising between the cost of securities held at the end of the period and their market value at that date is recognised in the Statement of Operations andChanges in Net Assets under the heading ‘‘Net change in unrealised appreciation / (depreciation) on investments’’.
Security transactions are accounted for on the date the securities are purchased or sold. Purchases of securities are recorded at cost including brokerage commissions.
Shares or units in underlying open-ended investment funds shall be valued at their latest available Net Asset Value, reduced by any applicable charges.
c) Interest Income
Interest income includes interest applied to bonds and interest applied to bank accounts. It is accrued gross on a daily basis. Withholding tax is paid out of the gross income.
d) Dividend Income
Dividends are accounted for on an ex-dividend basis net of any irrecoverable withholding tax.
e) Realised Gains and Losses on Sales of Investments
Realised gains and losses comprise the profit or loss arising from disposal of securities during the period and differences arising on the revaluation of other assets and liabilities denominatedin foreign currencies.
Capital gains or losses are determined on the basis of the weighted average cost of the securities sold.
f) Derivatives
Financial derivative instruments listed on an official exchange or dealt on another Regulated Market are valued on the basis of the last available price.
Financial derivative instruments which are not listed on any official stock exchange or traded on any other Regulated Market are valued in a reliable and verifiable manner on a daily basis inaccordance with market practice.
Forward foreign exchange contracts
Outstanding forward foreign exchange contracts, if any, are valued at the closing date by reference to the forward exchange rate applicable to the outstanding life of the contract.
The unrealised appreciation or depreciation on open forward foreign exchange contracts is calculated as the difference between the contract rate and the forward rate at the close ofbusiness on valuation day. The unrealised appreciation or depreciation on such contracts is disclosed in the Statement of Net Assets under the heading ‘‘Net unrealised appreciation /(depreciation) on forward foreign exchange contracts’’.
The realised gain / (loss) on forward foreign exchange contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading ‘‘Net realised gain / (loss) onforward foreign exchange contracts’’.
Future contracts
Outstanding future contracts, if any, are valued at the close of business market prices or the last available market price of the instruments.
The unrealised appreciation or depreciation on future contracts is included in the Statement of Net Assets under the heading ‘‘Net unrealised appreciation / (depreciation) on futurecontracts’’. All margins accounts are included in ‘‘Futures margins and options deposits’’.
The realised gain / (loss) on future contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading ‘‘Net realised gain / (loss) on future contracts’’.
Option contracts
Outstanding option contracts, if any, are valued at the close of business market prices or the last available market price of the instruments.
The market value of option contracts is included in the Statement of Net Assets under the heading ‘‘Options at market value’’. All deposits accounts are included in ‘‘Futures margins andoptions deposits’’.
The realised gain / (loss) on option contracts is disclosed in the Statement of Operations and Changes in Net Assets under the heading ‘‘Net realised gain / (loss) on option contracts’’.
Swap agreements
Outstanding swap agreements, if any, are valued at the close of business market prices or the last available market price of the instruments.
The unrealised appreciation or depreciation on swap agreements is included in the Statement of Net Assets under the heading ‘‘Net unrealised appreciation / (depreciation) on swapagreements’’. All accrued interest is included in ‘‘Accrued interest on swap agreements’’.
The realised gain / (loss) on swap agreements is disclosed in the Statement of Operations and Changes in Net Assets under the heading ‘‘Net realised gain / (loss) on swap agreements’’.
g) Combined Figures
The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in United States dollars (‘‘USD’’) and are presented forinformation purposes only.
For this purpose, the corresponding statements of each Sub-Fund have been translated into USD at the exchange rates prevailing at the balance sheet date.
h) Mortgage Related Securities – To Be Announced Securities (TBAs)
TBA positions refer to the common trading practice in the mortgage-backed securities market in which a security is to be bought from a mortgage pool (Ginnie Mae, Fannie Mae or FreddieMac) for a fixed price at a future date. At the time of purchase the exact security is not known, but the main characteristics of it are specified. Although the price has been established at thetime of purchase, the principal value has not been finalised.
Although a Sub-Fund will generally enter into TBA purchase commitments with the intention of acquiring securities, a Sub-Fund may also dispose of a commitment prior to settlement if it isdeemed appropriate to do so. Proceeds of TBA sales are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverablesecurities, or an offsetting TBA purchase commitment (deliverable on or before the sale commitment date), are held as cover for the transaction.
Negative positions reflect the Sub-Fund’s sale commitments of TBAs.
i) Repurchase Agreements and Reverse Repurchase Agreements
A repurchase agreement is an agreement under which, on payment of the purchase price, the Fund receives (purchases) securities from a seller who agrees to repurchase them at or within aspecified time at a specified price. A repurchase agreement is similar in effect to a loan by the Fund to the seller collateralised by the securities. The Fund does not record the purchase of thesecurities received but does record the repurchase agreement as if it were a loan. Because a repurchase agreement between the two specific parties involved is generally for a relatively shorttime and is not transferable, it has no ready market. The Fund carries repurchase agreements at cost, which, combined with accrued interest, approximates market value.
j) Securities Lending
In accordance with the provisions set forth in CSSF Circular 08/356, each Sub-Fund may, in order to reduce risk, reduce cost and generate additional income enter into securities lendingtransactions through a standardised lending system organised by a recognised securities clearing institution or through a lending system organised by financial institution subject toprudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law and that is specialised in this type of transaction. When entering into lendingtransactions, the Sub-Fund must receive a collateral of a value which is, during the lifetime of the agreement, at least equal to the global valuation of the securities lent given in the form ofliquid assets or in the form of securities issued or guaranteed by an OECD Country or by their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope and blocked in favour of the Sub-Fund until expiry of the securities lending transaction. The Sub-Fund may also receive as collateral shares issued by a first class issuer, included ina major local index and listed or dealt in a regulated market in a Member State of the EU or a stock exchange of a Member State of the OECD or any other eligible securities pursuant to theCSSF Circular 08/356. Securities lending transactions may not exceed 50% of the aggregate market value of the securities in the Sub-Fund. This limit shall not apply where the Sub-Fund hasthe right at any time to terminate the contract and obtain restitution of the securities lent. Securities lending transactions may not exceed a period of 30 days. The Sub-Fund may not lendsecurities which serve as underlying instruments linked to derivative financial instruments or which have been accepted within the framework of reverse repos. Securities used to providecover in respect of derivatives on an exchange rate or currency are not regarded as being linked to the said derivative. Cash collateral received by the Sub-Fund in relation to thesetransactions is reinvested.
Any incremental incomes arising from securities lending transactions entered into are accrued solely to the Sub-Funds which lent the securities.
As of 30 September 2010 the market value of the securities on loan is as follows: Market Value of Securities on
Sub-Fund
Loan (USD)
19,594,511
3. Pooling and Co-Management of Assets
The Management Company may invest and manage all or any part of the portfolio of assets by using joint investment management techniques for the purpose of efficient portfoliomanagement. A Sub-Fund using joint investment management techniques transfers all or part of its assets to the pool (or Joint Investment Account) of assets, subject to such assets beingappropriate in respect of the investment policy of the pool concerned. In return, the Sub-Fund receives the notional pool units representing a certain pro rata of the pool’s assets andliabilities. As of 30 September 2010, the investment holdings in the pools have been allocated to the Sub-Funds based on each Sub-Fund’s ownership percentage in the pools at that date. Allquantities (securities holdings) are rounded to the nearest unit. In instances where quantities are shown as 0, a Sub-Fund’s percentage allocation of a security may result in a fractional valueof less than 0.5.
For profit and loss purposes, the notional pool units held by the Sub-Fund determine the proportional allocation of the results, revenues and expenses of the pool on each net asset valuedate. The profit and loss allocation is recorded in the accounting records for the Sub-Fund. Co-managed assets are only co-managed with assets intended to be invested pursuant toinvestment objectives identical to those applicable to the co-managed assets in order to ensure that investment decisions are fully compatible with the investment policy of the Sub-Funds.
Co-managed assets are only co-managed with assets for which the Custodian Bank is also acting as depository in order to ensure that the Custodian Bank is able, with respect to the Fund orSub-Funds, to fully carry out its functions and responsibilities pursuant to the law of 20 December 2002 on undertakings for collective investment. The Custodian Bank keeps at all times theFund’s assets segregated from the assets of other co-managed entities and is therefore able at all times to identify the assets of the Fund and of each Sub-Fund. Since co-managed entitiesmay have investment policies, which are not strictly identical to the investment policy of a Sub-Fund, it is possible that, as a result, the common policy implemented may be more restrictivethan that of that Sub-Fund.
The Management Company may decide at any time and without notice, to terminate the co-management arrangement.
4. Custody, Transfer Agent and Administration Fees
An all-inclusive annual fee up to 0.15% of the Fund’s average daily net assets is paid in relation to custody, transfer agency, registrar and administration services provided by CitibankInternational plc (Luxembourg Branch). The fee is accrued daily and paid monthly in arrears.
5. Management Fees
A management fee is charged and is allocated to the Management Company, the Investment Managers and Investment Advisors as well as the Intermediaries.
The fee is accrued daily, and is paid monthly in arrears at the applicable annual rates set out below calculated on the basis of the average daily net assets attributable to each class of eachSub-Fund during the relevant month.
Sub-Funds
Class A Units
Class C Units
Class M Units
Class I Units
Equity Series
Legg Mason Global Equity Fund
Legg Mason US Fundamental Value Fund αβ Legg Mason Asia Pacific (ex Japan) Fund β Bond Series
Legg Mason US$ Core Bond Fund β
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.
6. Dilution Levy Fee
The Management Company may apply a charge of up to 1% of the Net Asset Value of Units purchased / redeemed when considered appropriate in order to reflect any fiscal charges anddealing cost incurred on the purchase / realisation of assets for the Sub-Fund and with the aim of protecting the existing / remaining Unitholders from carrying said charges and cost. Theamount of the fee so collected shall be retained in the relevant Sub-Fund.
This amount is disclosed in the Statement of Operations and Changes in Net Assets under the heading ‘‘Payments for redemptions’’ / ‘‘Proceeds from subscriptions’’.
7. Taxation
The Fund is an investment fund registered in Luxembourg and is, as a result, exempt from tax except for subscription tax. A subscription tax (‘‘Taxe d’abonnement’’) of 0.05% per annum,payable quarterly, is imposed on the net assets of the Fund by the Luxembourg State, calculated quarterly on the basis of the net asset value of each Sub-Fund on the last day of the quarter.
For the Class I a reduced tax of 0.01% per annum will apply.
8. Other Commitments on Derivatives
As of 30 September 2010, the Fund has no other outstanding commitment on derivatives.
9. Changes in the Investment Portfolio
Changes in the investment portfolio during the reporting year are available to the Unitholders at the registered offices of the Management Company and the Custodian Bank.
10. Dividend Distributions
The Management Company may declare distributions periodically from net investment income and realised gains or losses attributable to each Sub-Fund.
During the reporting period from 1 April 2010 to 30 September 2010, the Fund has recorded the following dividends (on Class A Distribution): Sub-Funds
Currency
Amount per unit
Legg Mason US Fundamental Value Fund αβ Legg Mason Asia Pacific (ex Japan) Fund β 11. Important Events
The Board of Directors (the ‘‘Board’’) of Legg Mason Investments (Luxembourg) S.A. (the ‘‘Management Company’’), the Management Company of Legg Mason Global Funds FCP(Luxembourg) (the ‘‘Fund’’), decided in conformity with Article 17 of the Fund’s management regulations to terminate Legg Mason US$ High Yield Bond Fund (the ‘‘Sub-Fund’’) as itreceived redemption requests representing over half of the Net Asset Value of the Sub- Fund. The Board agreed that the remaining amount of total assets was insufficient for the Sub-Fundto be managed in an efficient manner. Further, the Board also agreed that the acceptance of the redemption requests would further prejudice the remaining unitholders. The effective dateof liquidation of the Sub-Fund was 4 June 2010.
The Board convened Extraordinary Class Meetings of unitholders of the Sub-Funds of the Fund, referred to below as the Absorbed Sub-Funds. The Extraordinary Class Meetings are necessaryin order for the unitholders to vote on the proposed mergers of the Absorbed Sub-Funds into Sub-Funds of the Legg Mason Global Funds Plc (‘‘LMGF Plc’’), a UCITS (Undertakings forCollective Investment in Transferable Securities) fund incorporated under the laws of Ireland, referred to below as the Absorbing Sub-Funds.
Legg Mason Global Funds FCP (Luxembourg)
Legg Mason Global Funds Plc
Absorbed Sub-Funds
Absorbing Sub-Funds
Merger of Legg Mason Euro Core Plus Bond Fund into Legg Mason Western Asset Euro Core Plus Bond Fund Merger of Legg Mason Japan Equity Fund into Legg Mason Congruix Japan Equity Fund Merger of Legg Mason Pan-Europe Equity Fund into Legg Mason Batterymarch European Equity Fund Merger of Legg Mason US Aggressive Growth Fund into Legg Mason ClearBridge US Aggressive Growth Fund Merger of Legg Mason US$ Core Bond Fund into Legg Mason Western Asset US Core Bond Fund Merger of Legg Mason US Fundamental Value Fund into Legg Mason ClearBridge US Fundamental Value Fund Merger of Legg Mason US Large Cap Growth Fund into Legg Mason ClearBridge US Large Cap Growth Fund Merger of Legg Mason Asia Pacific (ex Japan) Fund into Legg Mason Batterymarch Asia Pacific Equity Fund The required quorum of 50% of the units outstanding having not been reached at each of the Extraordinary Class Meetings held on 25 June 2010, each Extraordinary Class Meeting wasadjourned and a second Extraordinary Class Meeting for each Sub-Fund was convened, on 12 July 2010, at the registered office of the Management Company. All mergers were approvedduring the second Extraordinary Class Meeting and took place on 27 August 2010.
The costs relating to the mergers have been booked to the Absorbed Sub-Funds in the total amount of USD 336,000.
α Not authorised in Hong Kong and not available to Hong Kong Residents.
β Please see note 11.

Source: http://www.leggmason.sg/en/pdf/literature/semiannualreport_lux.pdf

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