Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

 

 

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- 22338

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49 ^th 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)

Registrant’s telephone number, including area code: 1-877-721-1926

Date of fiscal year end: December 31

Date of reporting period: March 31, 2013

 

 

 

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ITEM 1.

SCHEDULE OF INVESTMENTS.

 

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LEGG MASON GLOBAL ASSET MANAGEMENT TRUST

LEGG MASON BATTERYMARCH

EMERGING MARKETS TRUST

FORM N-Q

MARCH 31, 2013

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited)		March 31, 2013

 

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 94.4%
CONSUMER DISCRETIONARY - 8.8%
Auto Components - 1.9%
Chaowei Power Holdings Ltd.			979,000			$	476,728
Halla Climate Control Corp.			39,800				1,008,772
Hyundai Mobis			16,092				4,498,123
Hyundai Wia Corp.			13,800				2,046,558
Tianneng Power International Ltd.			350,000				234,459
Total Auto Components							8,264,640
Automobiles - 2.4%
Ford Otomotiv Sanayi AS			44,500				639,474
Great Wall Motor Co., Ltd., Class H			1,168,500				3,966,477
Hyundai Motor Co.			20,080				4,033,687
Kia Motors Corp.			11,994				604,766
Tata Motors Ltd.			263,167				1,304,456
Total Automobiles							10,548,860
Distributors - 0.1%
Imperial Holdings Ltd.			20,500				468,687
Hotels, Restaurants & Leisure - 0.3%
Alsea SAB de CV			122,994				353,404
Paradise Co., Ltd.			44,671				851,182
Total Hotels, Restaurants & Leisure							1,204,586
Household Durables - 1.1%
Even Construtora e Incorporadora SA			318,000				1,542,200
Gafisa SA			1,114,000				2,227,173	*
Metalfrio Solutions SA			247,900				462,493	*(a)
TCL Multimedia Technology Holdings Ltd.			540,000				420,867
Total Household Durables							4,652,733
Internet & Catalog Retail - 0.3%
GS Home Shopping Inc.			6,542				1,148,937
Leisure Equipment & Products - 0.2%
Sunny Optical Technology Group Co., Ltd.			981,000				1,132,329
Media - 2.0%
CJ E&M Corp.			28,800				913,752	*
CTC Media Inc.			75,900				894,861
Naspers Ltd.			73,100				4,553,993
Zee Entertainment Enterprises Ltd.			590,039				2,290,676
Total Media							8,653,282
Multiline Retail - 0.4%
Lotte Shopping Co., Ltd.			5,500				1,945,218
Textiles, Apparel & Luxury Goods - 0.1%
Shenzhou International Group			127,000				358,297
TOTAL CONSUMER DISCRETIONARY							38,377,569
CONSUMER STAPLES - 3.9%
Beverages - 0.9%
Coca-Cola Icecek Uretim AS			19,700				558,020
Fomento Economico Mexicano SA de CV, ADR			13,900				1,577,650
Grupo Modelo SA de CV, Series C Shares			69,600				630,327
United Spirits Ltd.			38,497				1,345,801
Total Beverages							4,111,798
Food & Staples Retailing - 1.1%
Eurocash SA			94,000				1,533,958
Magnit OJSC, GDR			66,900				3,020,535
Total Food & Staples Retailing							4,554,493

 

 

See Notes to Schedule of Investments.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

 

SECURITY		SHARES				VALUE
Food Products - 1.9%
Cosan Ltd., Class A Shares			123,475			$	2,407,763
JBS SA			444,500				1,495,781	*
Marfrig Frigorificos e Comercio de Alimentos SA			344,100				1,437,191	*
Minerva SA			375,000				2,431,028
Tongaat Hulett Ltd.			30,300				472,691
Total Food Products							8,244,454
Personal Products - 0.0%
ABLE C&C			638				49,774
TOTAL CONSUMER STAPLES							16,960,519
ENERGY - 6.1%
Energy Equipment & Services - 0.4%
Eurasia Drilling Co., Ltd., GDR			7,900				280,450
TMK OAO, GDR			107,000				1,277,580
Total Energy Equipment & Services							1,558,030
Oil, Gas & Consumable Fuels - 5.7%
Afren PLC			602,600				1,298,350	*
CNOOC Ltd.			509,000				977,011
Gazprom OAO, ADR			186,000				1,590,300
Grupa Lotos SA			19,500				244,873	*
LUKOIL, ADR			85,100				5,480,440
Oil and Gas Development Co., Ltd.			350,900				718,596
Pacific Rubiales Energy Corp.			87,500				1,846,729
Petroleo Brasileiro SA, ADR			131,400				2,384,910
Petroleo Brasileiro SA, ADR			293,900				4,869,923
Polski Koncern Naftowy Orlen SA			159,400				2,515,554	*
Reliance Industries Ltd.			31,656				453,144
Surgutneftegaz, ADR			243,100				2,173,314
Turcas Petrol AS			252,100				516,935
Total Oil, Gas & Consumable Fuels							25,070,079
TOTAL ENERGY							26,628,109
EXCHANGE-TRADED FUNDS - 1.3%
Exchange Traded Funds - 1.3%
iShares Asia Trust-iShares FTSE/Xinhua A50 China Index			4,274,170				5,748,412
FINANCIALS - 30.1%
Commercial Banks - 22.1%
Asya Katilim Bankasi AS			1,865,000				2,463,577	*
Banco Bradesco SA, ADR			276,870				4,712,327
Bank of Ayudhya Public Co., Ltd., NVDR			2,746,200				3,235,236
Bank of China Ltd., Class H Shares			15,143,000				7,022,795
Bank of the Philippine Islands			371,700				1,001,887
China CITIC Bank Corp., Class H Shares			4,464,000				2,679,820
China Construction Bank Corp., Class H Shares			9,885,367				8,073,794
China Merchants Bank Co., Ltd., Class H Shares			1,094,500				2,317,999
China Minsheng Banking Corp. Ltd., Class H Shares			3,325,500				4,249,758
Chongqing Rural Commercial Bank Public Co., Ltd., Class H Shares			2,969,000				1,591,106
Grupo Financiero Banorte SAB de CV, Series O Shares			492,400				3,947,109
HDFC Bank Ltd.			405,895				4,683,289
ICICI Bank Ltd.			100,265				1,937,319
ICICI Bank Ltd., ADR			35,700				1,531,530
Industrial & Commercial Bank of China Ltd., Class H Shares			13,347,646				9,354,039
Jammu & Kashmir Bank Ltd.			68,241				1,494,082
Kasikornbank Public Co., Ltd., NVDR			832,800				5,915,056
Krung Thai Bank Public Co., Ltd.			5,986,025				5,069,265
OTP Bank PLC			11,800				212,942
Sberbank of Russia			2,228,000				7,062,760	(b)
Shinhan Financial Group Co., Ltd.			48,550				1,738,916
SinoPac Holdings Co., Ltd.			3,669,000				1,742,323
State Bank of India			61,076				2,337,407

 

See Notes to Schedule of Investments.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

 

SECURITY		SHARES				VALUE
Commercial Banks - 22.1% (continued)
Taishin Financial Holdings Co., Ltd.			2,466,000			$	1,026,727
Turkiye Is Bankasi, Class C Shares			530,200				2,016,126
Turkiye Vakiflar Bankasi T.A.O., Class D Shares			739,100				2,369,303
VTB Bank OJSC, GDR			600,500				1,889,173
Yapi ve Kredi Bankasi			764,000				2,364,671	*
Yes Bank Ltd.			294,515				2,332,819
Total Commercial Banks							96,373,155
Diversified Financial Services - 1.4%
FirstRand Ltd.			331,400				1,160,493
Grupo BTG Pactual			123,800				2,077,475
Kotak Mahindra Bank Ltd.			80,888				971,847
Reliance Capital Ltd.			318,632				1,833,233
Total Diversified Financial Services							6,043,048
Insurance - 0.9%
Discovery Holdings Ltd.			74,300				632,196
Dongbu Insurance Co., Ltd.			28,220				1,203,523
Hyundai Marine & Fire Insurance Co., Ltd.			22,980				657,840
Liberty Holdings Ltd.			35,300				460,670
LIG Non-Life Insurance Co., Ltd.			29,560				629,671
Meritz Fire & Marine Insurance Co., Ltd.			24,910				272,026
Total Insurance							3,855,926
Real Estate Investment Trusts (REITs) - 0.3%
Emlak Konut Gayrimenkul Yatirim			824,800				1,317,455
Real Estate Management & Development - 5.4%
Amata Corp. PCL			1,946,700				1,588,736
China Overseas Land & Investment Ltd.			1,010,960				2,793,553
China Resources Land Ltd.			734,000				2,051,877
Country Garden Holdings Co., Ltd.			3,950,026				1,954,010	*
Direcional Engenharia SA			273,100				1,959,644
Emaar Properties			890,168				1,262,667
Etalon Group Ltd., GDR			370,600				1,853,000	*(a)
Evergrande Real Estate Group Ltd.			3,476,300				1,397,228
Franshion Properties China Ltd.			3,642,000				1,182,323
Guangzhou R&F Properties Co., Ltd., Class H Shares			2,166,400				3,628,086
LSR Group OJSC, GDR, Registered Shares			381,300				1,651,029
Shimao Property Holdings Ltd.			761,000				1,464,640
SM Prime Holdings Inc.			2,100,000				982,847
Total Real Estate Management & Development							23,769,640
TOTAL FINANCIALS							131,359,224
HEALTH CARE - 1.2%
Health Care Equipment & Supplies - 0.1%
Osstem Implant Co., Ltd.			14,500				433,984	*
Pharmaceuticals - 1.1%
Cipla Medpro South Africa Ltd.			449,100				455,191
Dr. Reddy’s Laboratories Ltd.			30,244				983,834
Pharmstandard, GDR			60,679				1,253,021	*
Wockhardt Ltd.			61,457				2,255,873	*
Total Pharmaceuticals							4,947,919
TOTAL HEALTH CARE							5,381,903
INDUSTRIALS - 8.2%
Airlines - 0.8%
Aeroflot-Russian Airlines			754,300				1,267,224	(b)
Gol-Linhas Aereas Inteligentes SA, ADR			126,623				753,407	*
Turk Hava Yollari Anonim Ortakligi			378,000				1,546,012	*
Total Airlines							3,566,643
Construction & Engineering - 2.4%
Adhi Karya Persero Tbk PT			3,573,700				1,140,054

 

See Notes to Schedule of Investments.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

SECURITY		SHARES				VALUE
Construction & Engineering - 2.4% (continued)
Aveng Ltd.			125,000			$	438,675
China Railway Construction Corp., Class H Shares			3,855,500				3,660,529
China State Construction International Holdings Ltd.			760,000				1,039,761
Daelim Industrial Co.			36,992				3,028,915
Wijaya Karya Persero Tbk PT			5,233,500				1,090,593
Total Construction & Engineering							10,398,527
Electrical Equipment - 0.3%
AcBel Polytech Inc.			974,000				846,886
Amara Raja Batteries Ltd.			93,730				481,412
Total Electrical Equipment							1,328,298
Industrial Conglomerates - 2.1%
Alfa SA de CV, Series A Shares			1,274,500				3,110,034
Enka Insaat ve Sanayi AS			457,800				1,416,946
Grupo Kuo SAB De CV, Class B Shares			387,700				1,002,879	*(a)
Koc Holding AS			207,700				1,205,356
NWS Holdings Ltd.			721,000				1,291,058
SK Corp.			8,470				1,282,756
Total Industrial Conglomerates							9,309,029
Machinery - 0.9%
Samsung Heavy Industries Co., Ltd.			114,640				3,611,479
TK Corp.			18,130				395,158	*
Total Machinery							4,006,637
Road & Rail - 1.1%
All America Latina Logistica			500,400				2,501,071
Guangshen Railway Co., Ltd., Class H Shares			4,714,000				2,307,644
Total Road & Rail							4,808,715
Trading Companies & Distributors - 0.5%
Barloworld Ltd.			193,800				2,019,922
Transportation Infrastructure - 0.1%
Beijing Capital International Airport Co., Ltd.			864,000				623,300
TOTAL INDUSTRIALS							36,061,071
INFORMATION TECHNOLOGY - 15.9%
Communications Equipment - 0.1%
Humax Co., Ltd.			48,060				529,152
Computers & Peripherals - 1.8%
AmTRAN Technology Co., Ltd.			1,005,000				815,024
Asustek Computer Inc.			336,000				3,994,582
Lenovo Group Ltd.			3,080,000				3,055,182
Total Computers & Peripherals							7,864,788
Electronic Equipment, Instruments & Components - 2.9%
Chin-Poon Industrial Co., Ltd.			1,096,000				1,286,501
Daeduck GDS Co., Ltd.			81,630				1,335,310
Hon Hai Precision Industry Co., Ltd.			2,074,300				5,736,798
InnoLux Display Corp.			912,000				561,184	*
KH Vatec Co., Ltd.			73,185				1,137,966	*
LG.Philips LCD Co., Ltd.			40,000				1,161,244	*
PARTRON Co., Ltd.			63,400				1,461,630
Total Electronic Equipment, Instruments & Components							12,680,633
Internet Software & Services - 1.4%
Mail.ru Group Ltd., GDR			68,900				1,908,530
Media Tek Inc.			277,000				3,149,569
Tencent Holdings Ltd.			31,300				995,142
Total Internet Software & Services							6,053,241
IT Services - 1.2%
Infosys Technologies Ltd.			77,674				4,123,082

 

See Notes to Schedule of Investments.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

 

SECURITY		SHARES				VALUE
IT Services - 1.2% (continued)
Ybrant Digital Ltd.			2,431,962			$	1,196,964	(a)
Total IT Services							5,320,046
Semiconductors & Semiconductor Equipment - 8.5%
Chipbond Technology Corp.			451,000				1,021,075
Eugene Technology Co., Ltd.			66,134				1,150,183
Iljin Display Co., Ltd.			73,040				1,470,516
Samsung Electronics Co., Ltd.			16,739				22,717,859
Taiwan Semiconductor Manufacturing Co., Ltd.			2,837,715				9,489,892
Taiwan Semiconductor Manufacturing Co., Ltd., ADR			70,263				1,207,821
Total Semiconductors & Semiconductor Equipment							37,057,346
TOTAL INFORMATION TECHNOLOGY							69,505,206
MATERIALS - 9.3%
Chemicals - 1.1%
Fauji Fertilizer Co., Ltd.			1,459,478				1,614,474
Omnia Holdings Ltd.			43,600				749,165
Sinofert Holdings Ltd.			4,652,000				1,168,611
Sociedad Quimica y Minera de Chile SA, ADR			25,400				1,408,430
Total Chemicals							4,940,680
Construction Materials - 1.7%
Cemex SAB de CV, Participation Certificates, ADR			267,288				3,263,586	*
China National Building Material Co., Ltd.			874,000				1,101,148
PPC Ltd.			260,200				906,921
PT Indocement Tunggal Prakarsa Tbk			873,000				2,093,224
Total Construction Materials							7,364,879
Containers & Packaging - 0.1%
HSIL Ltd.			257,180				430,605
Metals & Mining - 4.8%
African Rainbow Minerals Ltd.			64,900				1,336,212
Assore Ltd.			36,100				1,219,194
Evraz PLC			561,700				1,894,714
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D Shares			1,945,200				1,741,681
KGHM Polska Miedz SA			13,100				634,688
Korea Zinc Co., Ltd.			6,098				1,942,963
Lonmin PLC			263,700				1,165,575	*
Northam Platinum Ltd.			170,400				735,689	*
Poongsan Corp.			47,560				1,162,711
Sterlite Industries India Ltd.			465,600				803,128
Vale SA, ADR			482,500				8,342,425
Total Metals & Mining							20,978,980
Paper & Forest Products - 1.6%
Fibria Celulose SA, ADR			210,600				2,541,942	*
Hansol Paper Co., Ltd.			44,400				478,879
Mondi Ltd.			126,500				1,712,750
Sappi Ltd.			671,800				2,098,256	*
Total Paper & Forest Products							6,831,827
TOTAL MATERIALS							40,546,971
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 0.9%
KT Corp.			13,650				430,627
PT Telekomunikasi Indonesia Tbk			3,185,500				3,605,917
Total Diversified Telecommunication Services							4,036,544
Wireless Telecommunication Services - 4.9%
America Movil SAB de CV, Series L Shares			3,616,786				3,838,907
America Movil SAB de CV, Series L Shares, ADR			208,600				4,372,256
China Mobile Ltd.			607,000				6,423,797
MegaFon OAO, GDR			109,000				3,379,000	*

 

See Notes to Schedule of Investments.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

 

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							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.

 

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LEGG MASON BATTERYMARCH EMERGING MARKETS TRUST

 

Schedule of Investments (unaudited) (cont’d)		March 31, 2013

 

 

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.

 

(a)	Illiquid 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:

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

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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:

 

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Level 1 – quoted prices in active markets for identical investments

 

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Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

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Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

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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.

 

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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

 

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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.

 

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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.

 

(b)

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.

 

ITEM 3.

EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

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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

 

By:		/ S /    R. J AY G ERKEN
		R. Jay Gerken
		Chairman and President
Date: May 24, 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
		Chairman and President
Date: May 24, 2013

 

By:		/ S /    R ICHARD F. S ENNETT
		Richard F. Sennett
		Principal Financial Officer
Date: May 24, 2013