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Name | Symbol | Market | Type |
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QS Global Equity Fund Class A (MM) | NASDAQ:CFIPX | NASDAQ | Fund |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-06444
Legg Mason Partners Equity Trust
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 49th Floor, New York, NY 10018
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrants telephone number, including area code: 1-877-721-1926
Date of fiscal year end: October 31
Date of reporting period: January 31, 2013
ITEM 1. | SCHEDULE OF INVESTMENTS. |
LEGG MASON PARTNERS EQUITY TRUST
CLEARBRIDGE LARGE CAP VALUE FUND
FORM N-Q
JANUARY 31, 2013
CLEARBRIDGE LARGE CAP VALUE FUND
Schedule of Investments (unaudited) | January 31, 2013 |
SECURITY |
SHARES | VALUE | ||||||
COMMON STOCKS - 99.1% | ||||||||
CONSUMER DISCRETIONARY - 16.0% | ||||||||
Hotels, Restaurants & Leisure - 0.9% |
||||||||
McDonalds Corp. |
70,980 | $ | 6,763,684 | |||||
|
|
|||||||
Media - 12.1% |
||||||||
DISH Network Corp., Class A Shares |
477,219 | 17,785,952 | ||||||
News Corp., Class A Shares |
947,319 | 26,278,629 | ||||||
SES Global SA, FDR |
306,454 | 9,381,054 | ||||||
Time Warner Cable Inc. |
215,246 | 19,230,078 | ||||||
Time Warner Inc. |
463,696 | 23,425,922 | ||||||
|
|
|||||||
Total Media |
96,101,635 | |||||||
|
|
|||||||
Multiline Retail - 1.1% |
||||||||
Target Corp. |
144,357 | 8,720,606 | ||||||
|
|
|||||||
Specialty Retail - 1.9% |
||||||||
Home Depot Inc. |
229,001 | 15,324,747 | ||||||
|
|
|||||||
TOTAL CONSUMER DISCRETIONARY |
126,910,672 | |||||||
|
|
|||||||
CONSUMER STAPLES - 12.1% | ||||||||
Beverages - 1.8% |
||||||||
Anheuser-Busch InBev NV, ADR |
157,140 | 13,922,604 | ||||||
|
|
|||||||
Food & Staples Retailing - 3.0% |
||||||||
CVS Caremark Corp. |
464,158 | 23,764,889 | ||||||
|
|
|||||||
Household Products - 1.9% |
||||||||
Kimberly-Clark Corp. |
171,319 | 15,334,764 | ||||||
|
|
|||||||
Tobacco - 5.4% |
||||||||
Altria Group Inc. |
177,361 | 5,973,519 | ||||||
Lorillard Inc. |
290,445 | 11,347,686 | ||||||
Philip Morris International Inc. |
291,788 | 25,724,030 | ||||||
|
|
|||||||
Total Tobacco |
43,045,235 | |||||||
|
|
|||||||
TOTAL CONSUMER STAPLES |
96,067,492 | |||||||
|
|
|||||||
ENERGY - 12.4% | ||||||||
Energy Equipment & Services - 3.3% |
||||||||
Halliburton Co. |
368,589 | 14,994,201 | ||||||
Transocean Ltd. |
190,456 | 10,800,760 | ||||||
|
|
|||||||
Total Energy Equipment & Services |
25,794,961 | |||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 9.1% |
||||||||
Apache Corp. |
95,226 | 7,976,130 | ||||||
Chevron Corp. |
199,785 | 23,005,243 | ||||||
Exxon Mobil Corp. |
214,382 | 19,287,948 | ||||||
Royal Dutch Shell PLC, ADR, Class A Shares |
166,915 | 11,770,846 | ||||||
Suncor Energy Inc. |
291,771 | 9,926,049 | ||||||
|
|
|||||||
Total Oil, Gas & Consumable Fuels |
71,966,216 | |||||||
|
|
|||||||
TOTAL ENERGY |
97,761,177 | |||||||
|
|
|||||||
FINANCIALS - 24.5% | ||||||||
Capital Markets - 3.5% |
||||||||
Bank of New York Mellon Corp. |
323,088 | 8,775,070 | ||||||
State Street Corp. |
346,872 | 19,303,427 | ||||||
|
|
|||||||
Total Capital Markets |
28,078,497 | |||||||
|
|
|||||||
Commercial Banks - 6.6% |
||||||||
U.S. Bancorp |
738,296 | 24,437,597 | ||||||
Wells Fargo & Co. |
799,849 | 27,858,741 | ||||||
|
|
|||||||
Total Commercial Banks |
52,296,338 | |||||||
|
|
|||||||
Consumer Finance - 3.2% |
||||||||
American Express Co. |
269,035 | 15,821,948 |
See Notes to Schedule of Investments.
1
CLEARBRIDGE LARGE CAP VALUE FUND
Schedule of Investments (unaudited) (contd) | January 31, 2013 |
SECURITY |
SHARES | VALUE | ||||||
Consumer Finance - 3.2% (continued) |
||||||||
Capital One Financial Corp. |
167,814 | $ | 9,451,285 | |||||
|
|
|||||||
Total Consumer Finance |
25,273,233 | |||||||
|
|
|||||||
Diversified Financial Services - 4.0% |
||||||||
JPMorgan Chase & Co. |
669,054 | 31,478,991 | ||||||
|
|
|||||||
Insurance - 7.2% |
||||||||
Loews Corp. |
242,731 | 10,527,244 | ||||||
Marsh & McLennan Cos. Inc. |
381,209 | 13,525,295 | ||||||
MetLife Inc. |
241,092 | 9,002,375 | ||||||
Progressive Corp. |
339,456 | 7,634,366 | ||||||
Travelers Cos. Inc. |
203,627 | 15,976,574 | ||||||
|
|
|||||||
Total Insurance |
56,665,854 | |||||||
|
|
|||||||
TOTAL FINANCIALS |
193,792,913 | |||||||
|
|
|||||||
HEALTH CARE - 8.9% | ||||||||
Health Care Providers & Services - 1.4% |
||||||||
WellPoint Inc. |
166,144 | 10,769,454 | ||||||
|
|
|||||||
Pharmaceuticals - 7.5% |
||||||||
Johnson & Johnson |
188,485 | 13,932,811 | ||||||
Merck & Co. Inc. |
396,246 | 17,137,639 | ||||||
Novartis AG, ADR |
133,247 | 9,036,812 | ||||||
Pfizer Inc. |
378,172 | 10,316,532 | ||||||
Teva Pharmaceutical Industries Ltd., ADR |
235,625 | 8,951,394 | ||||||
|
|
|||||||
Total Pharmaceuticals |
59,375,188 | |||||||
|
|
|||||||
TOTAL HEALTH CARE |
70,144,642 | |||||||
|
|
|||||||
INDUSTRIALS - 9.3% | ||||||||
Aerospace & Defense - 3.1% |
||||||||
Honeywell International Inc. |
286,835 | 19,573,620 | ||||||
Raytheon Co. |
86,269 | 4,544,651 | ||||||
|
|
|||||||
Total Aerospace & Defense |
24,118,271 | |||||||
|
|
|||||||
Industrial Conglomerates - 4.3% |
||||||||
General Electric Co. |
815,392 | 18,166,934 | ||||||
United Technologies Corp. |
181,942 | 15,932,661 | ||||||
|
|
|||||||
Total Industrial Conglomerates |
34,099,595 | |||||||
|
|
|||||||
Machinery - 1.9% |
||||||||
Illinois Tool Works Inc. |
240,187 | 15,090,949 | ||||||
|
|
|||||||
TOTAL INDUSTRIALS |
73,308,815 | |||||||
|
|
|||||||
INFORMATION TECHNOLOGY - 7.7% | ||||||||
Communications Equipment - 1.7% |
||||||||
Motorola Solutions Inc. |
227,902 | 13,307,198 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.5% |
||||||||
TE Connectivity Ltd. |
312,601 | 12,153,927 | ||||||
|
|
|||||||
IT Services - 2.1% |
||||||||
International Business Machines Corp. |
82,363 | 16,725,454 | ||||||
|
|
|||||||
Office Electronics - 1.2% |
||||||||
Xerox Corp. |
1,145,583 | 9,176,120 | ||||||
|
|
|||||||
Software - 1.2% |
||||||||
Microsoft Corp. |
359,196 | 9,867,114 | ||||||
|
|
|||||||
TOTAL INFORMATION TECHNOLOGY |
61,229,813 | |||||||
|
|
|||||||
MATERIALS - 2.9% | ||||||||
Chemicals - 1.5% |
||||||||
Air Products & Chemicals Inc. |
135,336 | 11,832,426 | ||||||
|
|
|||||||
Containers & Packaging - 1.4% |
||||||||
Crown Holdings Inc. |
292,358 | 11,068,674 | * | |||||
|
|
See Notes to Schedule of Investments.
2
CLEARBRIDGE LARGE CAP VALUE FUND
Schedule of Investments (unaudited) (contd) | January 31, 2013 |
SECURITY |
SHARES | VALUE | ||||||||||||||
Containers & Packaging - 1.4% (continued) |
||||||||||||||||
TOTAL MATERIALS |
$ | 22,901,100 | ||||||||||||||
|
|
|||||||||||||||
TELECOMMUNICATION SERVICES - 3.0% | ||||||||||||||||
Diversified Telecommunication Services - 3.0% |
||||||||||||||||
AT&T Inc. |
252,309 | 8,777,830 | ||||||||||||||
CenturyLink Inc. |
179,775 | 7,271,899 | ||||||||||||||
Verizon Communications Inc. |
171,872 | 7,495,338 | ||||||||||||||
|
|
|||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
23,545,067 | |||||||||||||||
|
|
|||||||||||||||
UTILITIES - 2.3% | ||||||||||||||||
Multi-Utilities - 2.3% |
||||||||||||||||
Sempra Energy |
238,994 | 17,936,500 | ||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $532,617,180) |
|
783,598,191 | ||||||||||||||
|
|
|||||||||||||||
RATE |
MATURITY
DATE |
FACE
AMOUNT |
||||||||||||||
SHORT-TERM INVESTMENTS - 0.6% | ||||||||||||||||
Repurchase Agreements - 0.6% |
||||||||||||||||
Interest in $675,000,000 joint tri-party repurchase agreement dated 1/31/13 with RBS Securities Inc.; Proceeds at maturity - $4,938,018; (Fully collateralized by various U.S. government obligations, 0.000% to 11.250% due 2/15/15 to 8/15/41; Market value - $5,036,777) (Cost - $4,938,000) |
0.130 | % | 2/1/13 | $ | 4,938,000 | 4,938,000 | ||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS - 99.7 % (Cost - $537,555,180#) |
788,536,191 | |||||||||||||||
Other Assets in Excess of Liabilities - 0.3% |
2,526,125 | |||||||||||||||
|
|
|||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 791,062,316 | ||||||||||||||
|
|
* | Non-income producing security. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule:
ADR | American Depositary Receipts | |
FDR | Foreign Depositary Receipts |
See Notes to Schedule of Investments.
3
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
ClearBridge Large Cap Value Fund (formerly Legg Mason ClearBridge Large Cap Value Fund) (the Fund) is a separate diversified investment series of Legg Mason Partners Equity 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 investments 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 Funds 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 Funds 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 issuers 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:
4
Notes to Schedule of Investments (unaudited) (continued)
|
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 Funds own assumptions in determining the fair value of investments) |
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 Funds assets carried at fair value:
ASSETS |
||||||||||||||||
DESCRIPTION |
QUOTED PRICES
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3) |
TOTAL | ||||||||||||
Common stocks |
$ | 783,598,191 | | | $ | 783,598,191 | ||||||||||
Short-term investments |
| $ | 4,938,000 | | 4,938,000 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investments |
$ | 783,598,191 | $ | 4,938,000 | | $ | 788,536,191 | |||||||||
|
|
|
|
|
|
|
|
| See Schedule of Investments for additional detailed categorizations. |
(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 Funds holding period. When entering into repurchase agreements, it is the Funds policy that its custodian or a third party custodian, acting on the Funds 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.
(d) Foreign investment risks. The Funds 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 January 31, 2013, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
5
Notes to Schedule of Investments (unaudited) (continued)
Gross unrealized appreciation |
$ | 265,870,993 | ||
Gross unrealized depreciation |
(14,889,982 | ) | ||
|
|
|||
Net unrealized appreciation |
$ | 250,981,011 | ||
|
|
3. Derivative instruments and hedging activities
GAAP requires enhanced disclosure about an entitys derivative and hedging activities.
During the period ended January 31, 2013, the Fund did not invest in any derivative instruments.
6
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive officer and principal financial officer have concluded that the registrants 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. |
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants internal control over financial reporting. |
ITEM 3. | EXHIBITS. |
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 Partners Equity Trust
By | / S / R. J AY G ERKEN | |
R. Jay Gerken | ||
Chief Executive Officer |
Date: March 26, 2013
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.
By |
/ S / R. J AY G ERKEN |
|
R. Jay Gerken | ||
Chief Executive Officer |
Date: March 26, 2013
By |
/ S / R ICHARD F. S ENNETT |
|
Richard F. Sennett | ||
Principal Financial Officer |
Date: March 26, 2013
1 Year QS Global Equity Fund Class A (MM) Chart |
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