LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST
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|
|
|
|
Schedule of Investments (unaudited) (cont’d)
|
|
March 31, 2013
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SECURITY
|
|
SHARES
|
|
|
VALUE
|
|
|
Wireless Telecommunication Services - 4.9% (continued)
|
|
|
|
|
|
|
|
|
|
Sistema JSFC, Registered Shares, GDR
|
|
|
95,800
|
|
|
$
|
1,758,888
|
|
|
VimpelCom Ltd., ADR
|
|
|
134,200
|
|
|
|
1,595,638
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wireless Telecommunication Services
|
|
|
|
|
|
|
21,368,486
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL TELECOMMUNICATION SERVICES
|
|
|
|
|
|
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25,405,030
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - 3.8%
|
|
|
|
|
|
|
|
|
|
Electric Utilities - 1.0%
|
|
|
|
|
|
|
|
|
|
Huaneng Power International Inc., Class H Shares
|
|
|
3,952,000
|
|
|
|
4,195,075
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities - 0.8%
|
|
|
|
|
|
|
|
|
|
PT Perusahaan Gas Negara
|
|
|
5,698,500
|
|
|
|
3,489,177
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders - 1.1%
|
|
|
|
|
|
|
|
|
|
China Resources Power Holdings Co.
|
|
|
476,000
|
|
|
|
1,428,757
|
|
|
Datang International Power Generation Co., Ltd.
|
|
|
1,410,000
|
|
|
|
623,030
|
|
|
Huadian Power International Corp., Ltd.
|
|
|
4,732,000
|
|
|
|
2,243,304
|
*
|
|
NTPC Ltd.
|
|
|
160,379
|
|
|
|
418,284
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Independent Power Producers & Energy Traders
|
|
|
|
|
|
|
4,713,375
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Utilities - 0.9%
|
|
|
|
|
|
|
|
|
|
Cia de Saneamento Basico do Estado de Sau Paulo, ADR
|
|
|
17,200
|
|
|
|
820,956
|
*
|
|
Guangdong Investment Ltd.
|
|
|
3,654,000
|
|
|
|
3,210,321
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Water Utilities
|
|
|
|
|
|
|
4,031,277
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UTILITIES
|
|
|
|
|
|
|
16,428,904
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost - $358,046,470)
|
|
|
|
|
|
|
412,402,918
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS - 4.5%
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES - 0.7%
|
|
|
|
|
|
|
|
|
|
Beverages - 0.7%
|
|
|
|
|
|
|
|
|
|
Companhia de Bebidas das Americas, ADR
|
|
|
67,100
|
|
|
|
2,840,343
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS - 2.6%
|
|
|
|
|
|
|
|
|
|
Commercial Banks - 2.6%
|
|
|
|
|
|
|
|
|
|
Banco do Estado do Rio Grande do Sul SA, Class B Shares
|
|
|
100,800
|
|
|
|
873,941
|
|
|
Itau Unibanco Banco Multiple SA, ADR
|
|
|
251,558
|
|
|
|
4,477,732
|
|
|
Itausa - Investimentos Itau SA
|
|
|
1,169,074
|
|
|
|
6,103,541
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCIALS
|
|
|
|
|
|
|
11,455,214
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 0.8%
|
|
|
|
|
|
|
|
|
|
Metals & Mining - 0.8%
|
|
|
|
|
|
|
|
|
|
Metalurgica Gerdau SA
|
|
|
295,599
|
|
|
|
2,852,496
|
|
|
Usinas Siderurgicas de Minas Gerais SA, Class A Shares
|
|
|
133,800
|
|
|
|
716,425
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MATERIALS
|
|
|
|
|
|
|
3,568,921
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - 0.4%
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders - 0.4%
|
|
|
|
|
|
|
|
|
|
Cia Energetica de Sao Paulo
|
|
|
177,000
|
|
|
|
1,782,482
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS
(Cost - $16,948,056)
|
|
|
|
|
|
|
19,646,960
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $374,994,526)
|
|
|
|
|
|
|
432,049,878
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
6
LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST
|
|
|
|
|
Schedule of Investments (unaudited) (cont’d)
|
|
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
|
SHORT-TERM INVESTMENTS - 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements - 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest in $925,000,000 joint tri-party repurchase agreement dated 3/28/13 with RBS Securities Inc.; Proceeds at maturity -
$5,419,120; (Fully collateralized by various U.S. government agency obligations, 0.450% to 5.250% due 12/27/13 to 12/28/26; Market value - $5,527,396) (Cost - $5,419,000)
|
|
|
0.200
|
%
|
|
|
4/1/13
|
|
|
$
|
5,419,000
|
|
|
$
|
5,419,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.1%
(Cost - $380,413,526#)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
437,468,878
|
|
|
Liabilities in Excess of Other Assets - (0.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(481,014
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
436,987,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
|
(b)
|
Security is valued in good faith in accordance with procedures approved by the Board of Trustees (See Note 1).
|
|
#
|
Aggregate cost for federal income tax purposes is substantially the same.
|
Abbreviations used in this schedule:
|
|
|
|
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|
ADR
|
|
— American Depositary Receipts
|
|
GDR
|
|
— Global Depositary Receipts
|
|
NVDR
|
|
— Non Voting Depositary Receipt
|
|
OJSC
|
|
— Open Joint Stock Company
|
|
|
|
|
|
|
|
Summary of Investments by Country†
|
|
|
|
|
|
China
|
|
|
15.2
|
%
|
|
South Korea
|
|
|
14.9
|
|
|
Brazil
|
|
|
13.8
|
|
|
Russia
|
|
|
7.9
|
|
|
India
|
|
|
7.6
|
|
|
Taiwan
|
|
|
7.1
|
|
|
Mexico
|
|
|
5.1
|
|
|
South Africa
|
|
|
4.4
|
|
|
Hong Kong
|
|
|
4.2
|
|
|
Turkey
|
|
|
4.2
|
|
|
Thailand
|
|
|
3.6
|
|
|
Indonesia
|
|
|
2.6
|
|
|
Cayman Islands
|
|
|
2.0
|
|
|
Bermuda
|
|
|
1.5
|
|
|
Poland
|
|
|
1.1
|
|
|
United Kingdom
|
|
|
1.0
|
|
|
Pakistan
|
|
|
0.5
|
|
|
Philippines
|
|
|
0.5
|
|
|
British Virgin Islands
|
|
|
0.4
|
|
|
Canada
|
|
|
0.4
|
|
|
Chile
|
|
|
0.3
|
|
|
United Arab Emirates
|
|
|
0.3
|
|
|
Cyprus
|
|
|
0.1
|
|
|
Hungary
|
|
|
0.1
|
|
|
Short - Term Investments
|
|
|
1.2
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
†
|
As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2013 and are subject to change.
|
See
Notes to Schedule of Investments.
7
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Legg Mason Batterymarch Emerging Markets Trust (the “Fund”) is a separate diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland
statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment valuation.
Equity securities for which market quotations are available are valued at the last reported sales price or official
closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and
asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and
methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities.
Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. When the Fund holds securities or other assets
that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices
supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been
obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is
principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North
American Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the
Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews
of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will
consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded
security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate
in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted
securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender
offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against
the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of
security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount
estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques
used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
|
|
•
|
|
Level 1 – quoted prices in active markets for identical investments
|
|
|
•
|
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk,
etc.)
|
|
|
•
|
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
8
Notes to Schedule of Investments (unaudited) (continued)
The inputs or methodologies used to value securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the
inputs used in valuing the Fund’s assets carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DESCRIPTION
|
|
QUOTED PRICES
(LEVEL 1)
|
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
|
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL
3)
|
|
|
TOTAL
|
|
|
Long-term investments†:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials
|
|
$
|
124,296,464
|
|
|
$
|
7,062,760
|
|
|
|
—
|
|
|
$
|
131,359,224
|
|
|
Industrials
|
|
|
34,793,847
|
|
|
|
1,267,224
|
|
|
|
—
|
|
|
|
36,061,071
|
|
|
Other common stocks
|
|
|
244,982,623
|
|
|
|
—
|
|
|
|
—
|
|
|
|
244,982,623
|
|
|
Preferred stocks
|
|
|
19,646,960
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,646,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
$
|
423,719,894
|
|
|
$
|
8,329,984
|
|
|
|
—
|
|
|
$
|
432,049,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments†
|
|
|
—
|
|
|
|
5,419,000
|
|
|
|
—
|
|
|
|
5,419,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
$
|
423,719,894
|
|
|
$
|
13,748,984
|
|
|
|
—
|
|
|
$
|
437,468,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
For the period ended March 31, 2013, as a result of the fair value pricing procedures for international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and
Level 2 measurements during the period. The Fund’s policy is to recognize transfers between levels as of the end of the reporting period. At March 31, 2013, securities valued at $293,339,900 were transferred from Level 2 to Level 1 within
the fair value hierarchy.
(b) Repurchase agreements.
The Fund may enter into repurchase agreements with institutions that its
investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the
Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian,
acting on the Fund’s behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that
any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the
Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy
proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
(c) Foreign currency translation.
Investment securities and other assets and liabilities denominated in foreign currencies are translated into
U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon
prevailing exchange rates on the respective dates of such transactions.
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and
the possibility of political or economic instability.
9
Notes to Schedule of Investments (unaudited) (continued)
(d) Foreign investment risks.
The Fund’s investments in foreign
securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship
of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or
other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(e) Security
transactions.
Security transactions are accounted for on a trade date basis.
2. Investments
At March 31, 2013, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as
follows:
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
72,675,925
|
|
|
Gross unrealized depreciation
|
|
|
(15,620,573
|
)
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
57,055,352
|
|
|
|
|
|
|
|
10
Notes to Schedule of Investments (unaudited) (continued)
3. Derivative instruments and hedging activities
GAAP requires enhanced disclosure about an entity’s derivative and hedging activities.
During the period ended March 31,2013, the Fund did not invest in any derivative instruments.
11
|
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on
their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
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Certifications
pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Legg Mason Global Asset Management Trust
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By:
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/
S
/ R. J
AY
G
ERKEN
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R. Jay Gerken
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Chairman and President
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Date: May 24, 2013
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report
has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By:
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/
S
/ R. J
AY
G
ERKEN
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R. Jay Gerken
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Chairman and President
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Date: May 24, 2013
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By:
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S
/ R
ICHARD
F.
S
ENNETT
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Richard F. Sennett
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Principal Financial Officer
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Date: May 24, 2013
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Western Asset High Income Fund Inc. (NYSE:HIF)
過去 株価チャート
から 5 2024 まで 6 2024
Western Asset High Income Fund Inc. (NYSE:HIF)
過去 株価チャート
から 6 2023 まで 6 2024
