CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND
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|
|
Schedule of investments (unaudited) (contd)
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January 31, 2014
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SECURITY
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SHARES
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VALUE
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Multi-Utilities - 2.8%
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|
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CenterPoint Energy Inc.
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248,000
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|
$
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5,803,200
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Integrys Energy Group Inc.
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67,000
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3,640,780
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National Grid PLC
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1,039,000
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13,478,643
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(a)
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Total Multi-Utilities
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22,922,623
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TOTAL UTILITIES
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40,617,909
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TOTAL COMMON STOCKS
(Cost - $436,970,061)
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462,509,791
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RATE
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PREFERRED STOCKS - 3.9%
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FINANCIALS - 0.3%
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Real Estate Investment Trusts (REITs) - 0.3%
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Ashford Hospitality Trust, Series E
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9.000
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%
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27,480
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|
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|
714,755
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|
Glimcher Realty Trust, Series H
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7.500
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%
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29,000
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|
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|
691,070
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|
Urstadt Biddle Properties Inc., Cumulative, Series F
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|
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7.125
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%
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38,500
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|
|
|
900,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCIALS
|
|
|
|
|
|
|
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|
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|
2,306,725
|
|
|
|
|
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|
|
|
|
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INDUSTRIALS - 3.6%
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Industrial Conglomerates - 3.6%
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United Technologies Corp.
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7.500
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%
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|
461,000
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29,702,230
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|
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TOTAL PREFERRED STOCKS (Cost - $30,107,055)
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32,008,955
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CONVERTIBLE PREFERRED STOCKS - 10.8%
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|
|
|
|
|
|
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|
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FINANCIALS - 3.9%
|
|
|
|
|
|
|
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Insurance - 2.2%
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|
|
|
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|
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|
MetLife Inc.
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|
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5.000
|
%
|
|
|
623,000
|
|
|
|
18,160,450
|
|
|
|
|
|
|
|
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|
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|
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Real Estate Investment Trusts (REITs) - 1.7%
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|
|
|
|
|
|
|
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|
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|
Weyerhaeuser Co.
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|
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6.375
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%
|
|
|
262,000
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|
|
|
14,043,200
|
|
|
|
|
|
|
|
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|
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|
|
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TOTAL FINANCIALS
|
|
|
|
|
|
|
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32,203,650
|
|
|
|
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|
|
|
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INDUSTRIALS - 0.2%
|
|
|
|
|
|
|
|
|
|
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|
Machinery - 0.2%
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|
|
|
|
|
|
|
|
|
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|
Stanley Black & Decker Inc.
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|
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6.250
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%
|
|
|
16,300
|
|
|
|
1,658,525
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
UTILITIES - 6.7%
|
|
|
|
|
|
|
|
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|
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Electric Utilities - 5.3%
|
|
|
|
|
|
|
|
|
|
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|
|
NextEra Energy Inc.
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|
|
5.889
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%
|
|
|
406,000
|
|
|
|
24,270,680
|
|
PPL Corp.
|
|
|
8.750
|
%
|
|
|
385,000
|
|
|
|
19,831,350
|
|
|
|
|
|
|
|
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Total Electric Utilities
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44,102,030
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|
|
|
|
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|
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Multi-Utilities - 1.4%
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|
|
|
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|
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|
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|
Dominion Resources Inc.
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|
|
6.125
|
%
|
|
|
212,000
|
|
|
|
11,857,160
|
|
|
|
|
|
|
|
|
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|
|
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TOTAL UTILITIES
|
|
|
|
|
|
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|
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55,959,190
|
|
|
|
|
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|
|
|
|
|
|
|
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TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost - $83,905,612)
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|
|
|
|
|
|
|
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89,821,365
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|
|
|
|
|
|
|
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|
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|
|
|
|
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|
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SHARES/UNITS
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|
|
|
|
MASTER LIMITED PARTNERSHIPS - 28.3%
|
|
|
|
|
|
|
|
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|
Crude/Refined Products Pipelines - 1.4%
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|
|
|
|
|
|
|
|
|
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|
|
Kinder Morgan Energy Partners LP
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|
|
|
|
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|
150,000
|
|
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|
11,922,000
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Energy Infrastructure - 9.8%
|
|
|
|
|
|
|
|
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|
|
|
|
Energy Transfer Equity LP
|
|
|
|
|
|
|
720,000
|
|
|
|
30,038,400
|
|
Energy Transfer Partners LP
|
|
|
|
|
|
|
251,000
|
|
|
|
13,933,010
|
|
Enterprise Products Partners LP
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|
|
|
|
|
|
159,330
|
|
|
|
10,576,325
|
|
Genesis Energy LP
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|
|
|
|
|
|
99,000
|
|
|
|
5,447,970
|
|
Regency Energy Partners LP
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|
|
|
|
|
|
282,000
|
|
|
|
7,735,260
|
|
Williams Partners LP
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|
|
|
|
|
|
271,000
|
|
|
|
13,577,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Diversified Energy Infrastructure
|
|
|
|
|
|
|
|
|
|
|
81,308,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
3
CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND
|
|
|
Schedule of investments (unaudited) (contd)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
SHARES/UNITS
|
|
|
VALUE
|
|
Financials - 3.3%
|
|
|
|
|
|
|
|
|
Och-Ziff Capital Management Group LLC
|
|
|
1,950,000
|
|
|
$
|
27,261,000
|
|
|
|
|
|
|
|
|
|
|
Gathering/Processing - 6.3%
|
|
|
|
|
|
|
|
|
Access Midstream Partners LP
|
|
|
64,500
|
|
|
|
3,615,225
|
|
Crestwood Midstream Partners LP
|
|
|
267,000
|
|
|
|
6,167,700
|
|
Crosstex Energy LP
|
|
|
335,000
|
|
|
|
9,205,800
|
|
DCP Midstream Partners LP
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|
|
114,000
|
|
|
|
5,726,220
|
|
MarkWest Energy Partners LP
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|
|
55,000
|
|
|
|
3,860,450
|
|
QEP Midstream Partners LP
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|
|
181,780
|
|
|
|
4,344,542
|
|
Southcross Energy Partners LP
|
|
|
129,000
|
|
|
|
2,301,360
|
|
Summit Midstream Partners LP
|
|
|
196,000
|
|
|
|
7,449,960
|
|
Targa Resources Partners LP
|
|
|
161,000
|
|
|
|
8,454,110
|
|
Western Gas Partners LP
|
|
|
18,000
|
|
|
|
1,070,280
|
|
|
|
|
|
|
|
|
|
|
Total Gathering/Processing
|
|
|
|
|
|
|
52,195,647
|
|
|
|
|
|
|
|
|
|
|
Global Infrastructure - 0.7%
|
|
|
|
|
|
|
|
|
Brookfield Infrastructure Partners LP
|
|
|
168,000
|
|
|
|
6,180,720
|
|
|
|
|
|
|
|
|
|
|
Liquids Transportation & Storage - 4.2%
|
|
|
|
|
|
|
|
|
Buckeye Partners LP
|
|
|
101,230
|
|
|
|
7,388,778
|
|
Delek Logistics Partners LP
|
|
|
43,000
|
|
|
|
1,399,220
|
|
Enbridge Energy Partners LP
|
|
|
78,000
|
|
|
|
2,291,640
|
|
Lehigh Gas Partners LP
|
|
|
115,000
|
|
|
|
3,267,150
|
|
Magellan Midstream Partners LP
|
|
|
27,300
|
|
|
|
1,814,358
|
|
Plains All American Pipeline LP
|
|
|
128,000
|
|
|
|
6,462,720
|
|
Susser Petroleum Partners LP
|
|
|
91,313
|
|
|
|
3,168,561
|
|
World Point Terminals LP
|
|
|
457,000
|
|
|
|
8,925,210
|
|
|
|
|
|
|
|
|
|
|
Total Liquids Transportation & Storage
|
|
|
|
|
|
|
34,717,637
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Transportation & Storage - 0.9%
|
|
|
|
|
|
|
|
|
TC Pipelines LP
|
|
|
151,000
|
|
|
|
7,024,520
|
|
|
|
|
|
|
|
|
|
|
Offshore - 0.5%
|
|
|
|
|
|
|
|
|
Dynagas LNG Partners LP
|
|
|
200,000
|
|
|
|
4,276,000
|
|
|
|
|
|
|
|
|
|
|
Refining - 0.4%
|
|
|
|
|
|
|
|
|
Western Refining Logistics LP
|
|
|
129,020
|
|
|
|
3,560,952
|
|
|
|
|
|
|
|
|
|
|
Shipping - 0.8%
|
|
|
|
|
|
|
|
|
Golar LNG Partners LP
|
|
|
129,000
|
|
|
|
3,928,050
|
|
KNOT Offshore Partners LP
|
|
|
101,000
|
|
|
|
2,706,800
|
|
|
|
|
|
|
|
|
|
|
Total Shipping
|
|
|
|
|
|
|
6,634,850
|
|
|
|
|
|
|
|
|
|
|
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost - $195,312,991)
|
|
|
|
|
|
|
235,081,391
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $746,295,719)
|
|
|
|
|
|
|
819,421,502
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Schedule of Investments.
4
CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND
|
|
|
Schedule of investments (unaudited) (contd)
|
|
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITY
|
|
RATE
|
|
|
MATURITY
DATE
|
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
SHORT-TERM INVESTMENTS - 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements - 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest in $1,500,000,000 joint tri-party repurchase agreement dated 1/31/14 with RBS Securities Inc.; Proceeds at maturity - $7,826,013; (Fully
collateralized by various U.S. government obligations, 0.125% to 2.625% due 4/15/14 to 2/15/40; Market value - $7,982,541)
(Cost - $7,826,000)
|
|
|
0.020
|
%
|
|
|
2/3/14
|
|
|
$
|
7,826,000
|
|
|
$
|
7,826,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.7%
(Cost - $754,121,719#)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
827,247,502
|
|
Other Assets in Excess of Liabilities - 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,764,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
830,012,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
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.
|
|
|
|
Abbreviation used in this schedule:
|
|
|
ADR
|
|
American Depositary Receipts
|
See
Notes to Schedule of Investments.
5
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
ClearBridge Tactical Dividend Income 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.
6
Notes to Schedule of Investments (unaudited) (continued)
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 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
|
|
Long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health care
|
|
$
|
42,848,563
|
|
|
$
|
3,984,660
|
|
|
|
|
|
|
$
|
46,833,223
|
|
Utilities
|
|
|
27,139,266
|
|
|
|
13,478,643
|
|
|
|
|
|
|
|
40,617,909
|
|
Other common stocks
|
|
|
375,058,659
|
|
|
|
|
|
|
|
|
|
|
|
375,058,659
|
|
Preferred stocks
|
|
|
32,008,955
|
|
|
|
|
|
|
|
|
|
|
|
32,008,955
|
|
Convertible preferred stocks
|
|
|
89,821,365
|
|
|
|
|
|
|
|
|
|
|
|
89,821,365
|
|
Master limited partnerships
|
|
|
235,081,391
|
|
|
|
|
|
|
|
|
|
|
|
235,081,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
$
|
801,958,199
|
|
|
$
|
17,463,303
|
|
|
|
|
|
|
$
|
819,421,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
|
|
|
|
|
7,826,000
|
|
|
|
|
|
|
|
7,826,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
|
$
|
801,958,199
|
|
|
$
|
25,289,303
|
|
|
|
|
|
|
$
|
827,247,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) Master limited partnerships.
The Fund may invest up to 25% of its total net assets in the securities of Master Limited Partnerships (MLPs) whose primary business is in the oil and gas, natural resources or commodities industries. Entities
7
Notes to Schedule of Investments (unaudited) (continued)
commonly referred to as MLPs are generally organized under state law as limited partnerships or limited liability companies. To be treated as a partnership for U.S. federal income tax
purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from
mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or
natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon
dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and
management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and
management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e.,
corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.
(e)
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.
(f) Security transactions.
Security transactions are accounted for on a trade date basis.
2. Investments
At January 31,
2014, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
91,532,742
|
|
Gross unrealized depreciation
|
|
|
(18,406,959
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
73,125,783
|
|
|
|
|
|
|
3. Derivative instruments and hedging activities
GAAP requires enhanced disclosure about an entitys derivative and hedging activities.
During the period ended January 31, 2014, the Fund did not invest in any derivative instruments.
8
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.
|
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/ K
ENNETH
D.
F
ULLER
|
|
|
Kenneth D. Fuller
|
|
|
Chief Executive Officer
|
|
|
Date:
|
|
March 25, 2014
|
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/ K
ENNETH
D.
F
ULLER
|
|
|
Kenneth D. Fuller
|
|
|
Chief Executive Officer
|
|
|
Date:
|
|
March 25, 2014
|
|
|
By
|
|
/s/ R
ICHARD
F.
S
ENNETT
|
|
|
Richard F. Sennett
|
|
|
Principal Financial Officer
|
|
|
Date:
|
|
March 25, 2014
|
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