Form N-CSRS Legg Mason Global Asset For: Mar 31

May 25, 2022 1:07 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22338

 

 

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

 

 

620 Eighth Avenue, 47th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

 

 

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 877-6LM-FUND/656-3863

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

 

 

 


ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.


LOGO

 

Semi-Annual Report   March 31, 2022

MARTIN CURRIE

EMERGING MARKETS FUND

 

 

 

    

 

LOGO

 

 

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

 


What’s inside      
Letter from the president     II  
Performance review     III  
Fund at a glance     1  
Fund expenses     2  
Schedule of investments     4  
Statement of assets and liabilities     8  
Statement of operations     10  
Statements of changes in net assets     11  
Financial highlights     12  
Notes to financial statements     17  
Statement regarding liquidity risk management program     28  

Fund objective

Letter from the president The Fund seeks long-term capital appreciation.

 

Letter from the president

 

LOGO

 

Dear Shareholder,

We are pleased to provide the semi-annual report of Martin Currie Emerging Markets Fund for the six-month reporting period ended March 31, 2022. Please read on for Fund performance information during the Fund’s reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

 

 

Fund prices and performance,

 

 

Market insights and commentaries from our portfolio managers, and

 

 

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

 

LOGO

Jane Trust, CFA

President and Chief Executive Officer

April 29, 2022

 

II    Martin Currie Emerging Markets Fund


Performance review

 

For the six months ended March 31, 2022, Class I shares of Martin Currie Emerging Markets Fund returned -13.76%. The Fund’s unmanaged benchmark, the MSCI Emerging Markets Index (NR)i, returned -8.20% for the same period. The Lipper Emerging Markets Funds Category Averageii returned -12.04% over the same time frame.

 

Performance Snapshot as of March 31, 2022 (unaudited)  
(excluding sales charges)    6 months  
Martin Currie Emerging Markets Fund:   

Class A

     -13.93

Class C

     -14.19

Class FI

     -13.89

Class I

     -13.76

Class IS

     -13.74
MSCI Emerging Markets Index (NR)      -8.20
Lipper Emerging Markets Funds Category Average      -12.04

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.franklintempleton.com.

All share class returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply or the deduction of taxes that a shareholder would pay on Fund distributions. If sales charges were reflected, the performance quoted would be lower. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

 

Total Annual Operating Expenses (unaudited)

As of the Fund’s current prospectus dated January 28, 2022, the gross total annual fund operating expense ratios for Class A, Class C, Class FI, Class I and Class IS shares were 1.22%, 1.97%, 1.26%, 0.94% and 0.86%, respectively.

Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

As a result of expense limitation arrangements, the ratio of total annual fund operating expenses other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses to average net assets, will not exceed 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class FI shares, 0.95% for Class I shares and 0.85% for Class IS shares. In addition, the ratio of total annual fund operating expenses for Class IS shares will not exceed the ratio of total annual fund operating expenses for Class I shares. These

 

Martin Currie Emerging Markets Fund   III


Performance review (cont’d)

 

expense limitation arrangements cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent.

The manager is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which the manager earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned, or the expenses incurred. In no case will the manager recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

As always, thank you for your confidence in our stewardship of your assets.

Sincerely,

 

LOGO

Jane Trust, CFA

President and Chief Executive Officer

April 29, 2022

RISKS: Equity securities are subject to market and price fluctuations. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund may be significantly overweight or underweight in certain companies, industries or market sectors, which may cause the Fund’s performance to be more sensitive to developments affecting those companies, industries or sectors. International investments are subject to special risks, including currency fluctuations, as well as social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Emerging market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Fund’s environmental, social and governance (“ESG”) investment strategy may limit the types and number of investment opportunities available to the Fund and, as a result, may underperform funds that are not subject to such criteria. The Fund’s ESG investment strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole, or forgoing opportunities to invest in securities that might otherwise be advantageous to buy. The Fund may also underperform other funds screened for different ESG standards. In addition, the subadviser may be unsuccessful in creating a portfolio composed of companies that exhibit positive ESG characteristics. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on fund performance relative to a more geographically diversified fund. As a non-diversified fund, the Fund can invest a larger percentage of its assets in a smaller number of issuers than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. Derivatives, such as options and futures, can be illiquid, may disproportionately

 

IV    Martin Currie Emerging Markets Fund


increase losses and have a potentially large impact on Fund performance. In addition to the Fund’s operating expenses, the Fund will indirectly bear the operating expenses of any underlying funds it invests in. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

 

 

i

The MSCI Emerging Markets Index (NR) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Net Returns (NR) include income net of tax withholding when dividends are paid.

 

ii

Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the six-month period ended March 31, 2022, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 798 funds in the Fund’s Lipper category, and excluding sales charges, if any.

 

    

 

Martin Currie Emerging Markets Fund   V


Fund at a glance (unaudited)

 

Investment breakdown (%) as a percent of total investments

 

 

LOGO

 

The bar graph above represents the composition of the Fund’s investments as of March 31, 2022 and September 30, 2021. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       1  


Fund expenses (unaudited)

 

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on October 1, 2021 and held for the six months ended March 31, 2022.

Actual expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

Hypothetical example for comparison purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Based on actual total return1           Based on hypothetical total return1  
    

Actual

Total Return

Without

Sales

Charge2

   

Beginning

Account

Value

   

Ending

Account

Value

   

Annualized

Expense

Ratio

   

Expenses

Paid

During

the

Period3

              

Hypothetical

Annualized

Total Return

   

Beginning

Account

Value

   

Ending

Account

Value

   

Annualized

Expense

Ratio

   

Expenses

Paid

During

the

Period3

 
Class A     -13.93   $ 1,000.00     $ 860.70       1.21   $ 5.61       Class A     5.00   $ 1,000.00     $ 1,018.90       1.21   $ 6.09  
Class C     -14.19       1,000.00       858.10       1.97       9.13       Class C     5.00       1,000.00       1,015.11       1.97       9.90  
Class FI     -13.89       1,000.00       861.10       1.26       5.85       Class FI     5.00       1,000.00       1,018.65       1.26       6.34  
Class I     -13.76       1,000.00       862.40       0.93       4.32       Class I     5.00       1,000.00       1,020.29       0.93       4.68  
Class IS     -13.74       1,000.00       862.60       0.85       3.95       Class IS     5.00       1,000.00       1,020.69       0.85       4.28  

 

2     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


1

For the six months ended March 31, 2022.

 

2

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

 

3

Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), then divided by 365.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       3  


Schedule of investments (unaudited)

March 31, 2022

 

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

 

Security   Shares     Value  
Common Stocks — 96.8%                
Communication Services — 10.0%                

Diversified Telecommunication Services — 1.2%

               

Telkom Indonesia Persero Tbk PT

    25,213,600       $8,040,634  (a) 

Entertainment — 0.8%

               

Sea Ltd., ADR

    43,579       5,220,328  * 

Interactive Media & Services — 8.0%

               

NAVER Corp.

    42,297       11,827,225  (a) 

Tencent Holdings Ltd.

    898,400       42,382,368  (a) 

Total Interactive Media & Services

            54,209,593  

Total Communication Services

            67,470,555  
Consumer Discretionary — 14.5%                

Auto Components — 0.7%

               

Minth Group Ltd.

    1,924,000       4,717,880  (a) 

Automobiles — 2.0%

               

Brilliance China Automotive Holdings Ltd.

    2,088,000       686,658  *(a)(b) 

Maruti Suzuki India Ltd.

    128,052       12,701,910  (a) 

Total Automobiles

            13,388,568  

Internet & Direct Marketing Retail — 8.7%

               

Alibaba Group Holding Ltd.

    303,640       4,156,006  *(a) 

Alibaba Group Holding Ltd., ADR

    188,108       20,466,150  * 

Delivery Hero SE

    58,970       2,597,538  *(a) 

JD.com Inc., ADR

    178,858       10,350,513  * 

JD.com Inc., Class A Shares

    37,371       1,094,516  *(a) 

Meituan, Class B Shares

    734,300       14,469,836  *(a) 

Prosus NV

    107,255       5,677,797  (a) 

Total Internet & Direct Marketing Retail

            58,812,356  

Textiles, Apparel & Luxury Goods — 3.1%

               

Titan Co. Ltd.

    624,248       20,792,343   (a) 

Total Consumer Discretionary

            97,711,147  
Consumer Staples — 1.2%                

Food & Staples Retailing — 0.5%

               

Robinsons Retail Holdings Inc.

    2,972,115       3,192,612   (a) 

Personal Products — 0.7%

               

LG Household & Health Care Ltd.

    7,060       4,959,247  (a) 

Total Consumer Staples

            8,151,859  

 

See Notes to Financial Statements.

 

4     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

 

Security   Shares     Value  
Energy — 5.1%                

Oil, Gas & Consumable Fuels — 5.1%

               

Cosan SA

    3,150,052       $15,654,159  

Reliance Industries Ltd.

    538,944       18,653,972  (a) 

Total Energy

            34,308,131  
Financials — 22.1%                

Banks — 16.0%

               

Al Rajhi Bank

    328,863       14,022,527  (a) 

Bank Rakyat Indonesia Persero Tbk PT

    44,448,700       14,311,785  (a) 

China Merchants Bank Co. Ltd., Class H Shares

    1,446,500       11,307,823  (a) 

Credicorp Ltd.

    68,066       11,698,503  

HDFC Bank Ltd., ADR

    220,667       13,533,507  

ICICI Bank Ltd., ADR

    1,031,455       19,535,758  

Kotak Mahindra Bank Ltd.

    438,414       10,081,484  (a) 

OTP Bank Nyrt

    181,377       6,579,846  *(a) 

Ping An Bank Co. Ltd., Class A Shares

    2,807,100       6,788,023  (a) 

TCS Group Holding PLC, Registered Shares, GDR

    81,721       0  (a)(b)(c)(d) 

Total Banks

            107,859,256  

Capital Markets — 1.7%

               

B3 SA - Brasil Bolsa Balcao

    3,554,300       11,713,166  

Insurance — 4.4%

               

AIA Group Ltd.

    1,513,800       15,848,628  (a) 

Ping An Insurance Group Co. of China Ltd., Class H Shares

    1,979,500       13,966,518  (a) 

Total Insurance

            29,815,146  

Total Financials

            149,387,568  
Health Care — 2.3%                

Health Care Providers & Services — 0.8%

               

Odontoprev SA

    2,144,100       5,629,273  

Pharmaceuticals — 1.5%

               

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares

    2,045,500       9,964,677  (a) 

Total Health Care

            15,593,950  
Industrials — 5.5%                

Electrical Equipment — 4.5%

               

Contemporary Amperex Technology Co. Ltd., Class A Shares

    199,700       16,000,758  (a) 

LG Energy Solution

    4,777       1,742,035  

WEG SA

    1,702,000       12,476,198  

Total Electrical Equipment

            30,218,991  

Machinery — 1.0%

               

Wuxi Lead Intelligent Equipment Co. Ltd., Class A Shares

    756,780       6,935,361  (a) 

Total Industrials

            37,154,352  

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       5  


Schedule of investments (unaudited) (cont’d)

March 31, 2022

 

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

 

Security   Shares     Value  
Information Technology — 27.8%                

Electronic Equipment, Instruments & Components — 3.0%

               

Delta Electronics Inc.

    1,054,367       $9,807,952  (a) 

Samsung SDI Co. Ltd.

    21,891       10,681,594  (a) 

Total Electronic Equipment, Instruments & Components

            20,489,546  

IT Services — 1.4%

               

EPAM Systems Inc.

    31,088       9,221,012  * 

Semiconductors & Semiconductor Equipment — 15.0%

               

Globalwafers Co. Ltd.

    672,000       15,614,698  (a) 

SK Hynix Inc.

    230,754       22,088,480  (a) 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

    548,316       57,167,426  

Xinyi Solar Holdings Ltd.

    3,666,000       6,441,890  (a) 

Total Semiconductors & Semiconductor Equipment

            101,312,494  

Technology Hardware, Storage & Peripherals — 8.4%

               

Samsung Electronics Co. Ltd.

    986,626       56,363,618  (a) 

Total Information Technology

            187,386,670  
Materials — 8.3%                

Chemicals — 4.7%

               

Asian Paints Ltd.

    323,632       13,074,220  (a) 

LG Chem Ltd.

    29,982       12,998,862  (a) 

Orbia Advance Corp. SAB de CV

    2,213,425       5,854,615  

Total Chemicals

            31,927,697  

Construction Materials — 1.5%

               

UltraTech Cement Ltd.

    116,837       10,118,965  (a) 

Metals & Mining — 2.1%

               

Antofagasta PLC

    631,673       13,793,368  (a) 

Total Materials

            55,840,030  

Total Investments — 96.8% (Cost — $681,474,078)

            653,004,262  

Other Assets in Excess of Liabilities — 3.2%

            21,378,057  

Total Net Assets — 100.0%

            $674,382,319  

 

*

Non-income producing security.

 

(a)

Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

 

(b)

Security is valued using significant unobservable inputs (Note 1).

 

(c)

Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

 

(d)

Value is less than $1.

 

Abbreviation(s) used in this schedule:

ADR   —  American Depositary Receipts
GDR   —  Global Depositary Receipts

 

See Notes to Financial Statements.

 

6     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

 

Martin Currie Emerging Markets Fund

 

Summary of Investments by Country**       
China      26.9
South Korea      18.5  
India      18.1  
Taiwan      13.4  
Brazil      7.0  
Indonesia      3.4  
Hong Kong      2.4  
Saudi Arabia      2.2  
Chile      2.1  
Peru      1.8  
United States      1.4  
Hungary      1.0  
Mexico      0.9  
Philippines      0.5  
Germany      0.4  
Russia      0.0 ‡ 
       100.0

 

**

As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2022 and are subject to change.

 

Represents less than 0.1%.

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       7  


Statement of assets and liabilities (unaudited)

March 31, 2022

 

Assets:         

Investments, at value (Cost — $681,474,078)

   $ 653,004,262  

Cash

     18,968,677  

Receivable for Fund shares sold

     3,642,371  

Dividends receivable

     1,736,332  

Prepaid expenses

     56,547  

Total Assets

     677,408,189  
Liabilities:         

Accrued foreign capital gains tax

     1,369,075  

Payable for Fund shares repurchased

     1,067,271  

Investment management fee payable

     444,445  

Trustees’ fees payable

     4,564  

Service and/or distribution fees payable

     4,398  

Foreign currency due to custodian, at value (Cost — $451)

     447  

Accrued expenses

     135,670  

Total Liabilities

     3,025,870  
Total Net Assets    $ 674,382,319  
Net Assets:         

Par value (Note 7)

   $ 482  

Paid-in capital in excess of par value

     735,710,060  

Total distributable earnings (loss)

     (61,328,223)  
Total Net Assets    $ 674,382,319  

 

See Notes to Financial Statements.

 

8     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

Net Assets:         

Class A

     $4,089,335  

Class C

     $3,955,652  

Class FI

     $1,305,202  

Class I

     $448,039,470  

Class IS

     $216,992,660  
Shares Outstanding:         

Class A

     295,176  

Class C

     290,671  

Class FI

     93,952  

Class I

     32,075,472  

Class IS

     15,476,178  
Net Asset Value:         

Class A (and redemption price)

     $13.85  

Class C*

     $13.61  

Class FI (and redemption price)

     $13.89  

Class I (and redemption price)

     $13.97  

Class IS (and redemption price)

     $14.02  
Maximum Public Offering Price Per Share:         

Class A (based on maximum initial sales charge of 5.75%)

     $14.69  

 

*

Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       9  


Statement of operations (unaudited)

For the Six Months Ended March 31, 2022

 

Investment Income:         

Dividends

   $ 4,844,630  

Less: Foreign taxes withheld

     (545,562)  

Total Investment Income

     4,299,068  
Expenses:         

Investment management fee (Note 2)

     2,436,062  

Transfer agent fees (Note 5)

     171,957  

Fees recaptured by investment manager (Note 2)

     93,715  

Registration fees

     83,706  

Fund accounting fees

     40,440  

Custody fees

     29,362  

Service and/or distribution fees (Notes 2 and 5)

     26,740  

Audit and tax fees

     21,645  

Trustees’ fees

     19,228  

Legal fees

     16,392  

Shareholder reports

     4,606  

Insurance

     1,506  

Interest expense

     462  

Miscellaneous expenses

     9,144  

Total Expenses

     2,954,965  

Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)

     (1,096)  

Net Expenses

     2,953,869  
Net Investment Income      1,345,199  
Realized and Unrealized Loss on Investments and Foreign Currency Transactions (Notes 1 and 3):

 

Net Realized Loss From:

        

Investment transactions

     (25,339,678) † 

Foreign currency transactions

     (91,844)  

Net Realized Loss

     (25,431,522)  

Change in Net Unrealized Appreciation (Depreciation) From:

        

Investments

     (78,402,968) ‡ 

Foreign currencies

     (14,539)  

Change in Net Unrealized Appreciation (Depreciation)

     (78,417,507)  
Net Loss on Investments and Foreign Currency Transactions      (103,849,029)  
Decrease in Net Assets From Operations    $ (102,503,830)  

 

 

Net of foreign capital gains tax of $701,416.

Net of change in accrued foreign capital gains tax of $(839,434).

 

See Notes to Financial Statements.

 

10     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


Statements of changes in net assets

 

 

For the Six Months Ended March 31, 2022 (unaudited)

and the Year Ended September 30, 2021

   2022      2021  
Operations:                  

Net investment income

   $ 1,345,199      $ 1,792,330  

Net realized gain (loss)

     (25,431,522)        4,784,281  

Change in net unrealized appreciation (depreciation)

     (78,417,507)        5,215,339  

Increase (Decrease) in Net Assets From Operations

     (102,503,830)        11,791,950  
Distributions to Shareholders From (Notes 1 and 6):                  

Total distributable earnings

     (1,350,006)        (1,400,015)  

Decrease in Net Assets From Distributions to Shareholders

     (1,350,006)        (1,400,015)  
Fund Share Transactions (Note 7):                  

Net proceeds from sale of shares

     310,005,207        509,753,529  

Reinvestment of distributions

     1,149,451        1,302,574  

Cost of shares repurchased

     (135,541,234)        (142,306,204)  

Increase in Net Assets From Fund Share Transactions

     175,613,424        368,749,899  

Increase in Net Assets

     71,759,588        379,141,834  
Net Assets:                  

Beginning of period

     602,622,731        223,480,897  

End of period

   $ 674,382,319      $ 602,622,731  

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       11  


Financial highlights

 

For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
Class A Shares1   20222     2021     2020     2019     20183  
Net asset value, beginning of period     $16.10       $13.86       $12.02       $11.70       $12.54  
Income (loss) from operations:          

Net investment income

    0.01       0.03       0.06       0.36       0.01  

Net realized and unrealized gain (loss)

    (2.25)       2.26       2.09       0.06       (0.85)  

Total income (loss) from operations

    (2.24)       2.29       2.15       0.42       (0.84)  
Less distributions from:          

Net investment income

    (0.01)       (0.05)       (0.31)       (0.10)        

Total distributions

    (0.01)       (0.05)       (0.31)       (0.10)        
Net asset value, end of period     $13.85       $16.10       $13.86       $12.02       $11.70  

Total return4

    (13.93)     16.55     18.05     3.68     (6.70)
Net assets, end of period (000s)     $4,089       $3,497       $646       $201       $47  
Ratios to average net assets:          

Gross expenses

    1.21 %5,6      1.22     1.36     1.32 %6      1.49 %5 

Net expenses7,8

    1.21 5,6      1.21       1.27       1.18 6      1.15 5 

Net investment income

    0.11 5      0.16       0.51       3.08       0.25 5 
Portfolio turnover rate     12     23     21     18     23 %9 

 

1

Per share amounts have been calculated using the average shares method.

 

2

For the six months ended March 31, 2022 (unaudited).

 

3

For the period July 16, 2018 (inception date) to September 30, 2018.

 

4

Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

5

Annualized.

 

6

Reflects recapture of expenses waived/reimbursed from prior fiscal years.

 

7

Reflects fee waivers and/or expense reimbursements.

 

8

As a result of an expense limitation arrangement the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent.

 

9

For the year ended September 30, 2018.

 

See Notes to Financial Statements.

 

12     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
Class C Shares1   20222     2021     2020     2019     20183  
Net asset value, beginning of period     $15.87       $13.72       $11.96       $11.68       $12.54  
Income (loss) from operations:          

Net investment income (loss)

    (0.05)       (0.10)       (0.01)       0.30       (0.01)  

Net realized and unrealized gain (loss)

    (2.21)       2.25       2.05       0.04       (0.85)  

Total income (loss) from operations

    (2.26)       2.15       2.04       0.34       (0.86)  
Less distributions from:          

Net investment income

                (0.28)       (0.06)        

Total distributions

                (0.28)       (0.06)        
Net asset value, end of period     $13.61       $15.87       $13.72       $11.96       $11.68  

Total return4

    (14.19)     15.60     17.20     2.95     (6.86)
Net assets, end of period (000s)     $3,956       $3,792       $931       $136       $47  
Ratios to average net assets:          

Gross expenses

    1.97 %5,6      1.97     2.07     2.07 %6      2.23 %5 

Net expenses7,8

    1.97 5,6      1.97       1.98       1.93 6      1.90 5 

Net investment income (loss)

    (0.66) 5      (0.61)       (0.08)       2.55       (0.49) 5 
Portfolio turnover rate     12     23     21     18     23 %9 

 

1

Per share amounts have been calculated using the average shares method.

 

2

For the six months ended March 31, 2022 (unaudited).

 

3

For the period July 16, 2018 (inception date) to September 30, 2018.

 

4

Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

5

Annualized.

 

6

Reflects recapture of expenses waived/reimbursed from prior fiscal years.

 

7

Reflects fee waivers and/or expense reimbursements.

 

8

As a result of an expense limitation arrangement the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 2.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent.

 

9

For the year ended September 30, 2018.

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       13  


Financial highlights (cont’d)

 

For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
Class FI Shares1   20222     2021     2020     2019     2018     2017  
Net asset value, beginning of period     $16.13       $13.88       $12.02       $11.70       $12.30       $9.70  
Income (loss) from operations:            

Net investment income

    0.00 3      0.01       0.05       0.27       0.10       0.05  

Net realized and unrealized gain (loss)

    (2.24)       2.27       2.09       0.13       (0.70)       2.69  

Total income (loss) from operations

    (2.24)       2.28       2.14       0.40       (0.60)       2.74  
Less distributions from:            

Net investment income

          (0.03)       (0.28)       (0.08)       (0.00) 3      (0.14)  

Total distributions

          (0.03)       (0.28)       (0.08)       (0.00) 3      (0.14)  
Net asset value, end of period     $13.89       $16.13       $13.88       $12.02       $11.70       $12.30  

Total return4

    (13.89)     16.44     17.95     3.48     (4.87)     28.81
Net assets, end of period (000s)     $1,305       $2,220       $652       $416       $363       $26  
Ratios to average net assets:            

Gross expenses5

    1.26 %6      1.27     1.41     1.43     1.50     6.11

Net expenses5,7,8

    1.26 6      1.26       1.30       1.30       1.30       1.44  

Net investment income

    0.01 6      0.07       0.39       2.35       0.79       0.46  
Portfolio turnover rate     12     23     21     18     23     7

 

1

Per share amounts have been calculated using the average shares method.

 

2

For the six months ended March 31, 2022 (unaudited).

 

3

Amount represents less than $0.005 per share.

 

4

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

5

Reflects recapture of expenses waived/reimbursed from prior fiscal years.

 

6

Annualized.

 

7

Reflects fee waivers and/or expense reimbursements.

 

8

As a result of an expense limitation arrangement, effective August 3, 2017, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent. Prior to August 3, 2017, as a result of an expense limitation arrangement, the ratio of total annual fund operating expenses to average net assets of Class FI shares did not exceed 1.50%.

 

See Notes to Financial Statements.

 

14     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
Class I Shares1   20222     2021     2020     2019     2018     2017  
Net asset value, beginning of period     $16.23       $13.96       $12.09       $11.76       $12.33       $9.71  
Income (loss) from operations:            

Net investment income

    0.03       0.07       0.12       0.45       0.14       0.11  

Net realized and unrealized gain (loss)

    (2.26)       2.29       2.08       (0.01) 3      (0.71)       2.67  

Total income (loss) from operations

    (2.23)       2.36       2.20       0.44       (0.57)       2.78  
Less distributions from:            

Net investment income

    (0.03)       (0.09)       (0.33)       (0.11)       (0.00) 4      (0.16)  

Total distributions

    (0.03)       (0.09)       (0.33)       (0.11)       (0.00) 4      (0.16)  
Net asset value, end of period     $13.97       $16.23       $13.96       $12.09       $11.76       $12.33  

Total return5

    (13.76)     16.88     18.34     3.85     (4.60)     29.25
Net assets, end of period (000s)     $448,039       $365,083       $49,830       $14,207       $4,341       $91  
Ratios to average net assets:            

Gross expenses6

    0.93 %7      0.95     1.09     1.14     1.35     6.11

Net expenses6,8,9

    0.93 7      0.95       0.95       0.95       0.95       1.11  

Net investment income

    0.41 7      0.43       0.98       3.86       1.17       1.02  
Portfolio turnover rate     12     23     21     18     23     7

 

1

Per share amounts have been calculated using the average shares method.

 

2

For the six months ended March 31, 2022 (unaudited).

 

3

Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.

 

4

Amount represents less than $0.005 per share.

 

5

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

6

Reflects recapture of expenses waived/reimbursed from prior fiscal years.

 

7

Annualized.

 

8

Reflects fee waivers and/or expense reimbursements.

 

9

As a result of an expense limitation arrangement, effective August 3, 2017, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.95%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent. Prior to August 3, 2017, as a result of an expense limitation arrangement, the ratio of total annual fund operating expenses to average net assets of Class I shares did not exceed 1.15%.

 

See Notes to Financial Statements.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       15  


Financial highlights (cont’d)

 

For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
Class IS Shares1   20222     2021     2020     2019     2018     2017  
Net asset value, beginning of period     $16.29       $14.01       $12.12       $11.78       $12.36       $9.74  
Income (loss) from operations:            

Net investment income

    0.04       0.08       0.11       0.33       0.14       0.20  

Net realized and unrealized gain (loss)

    (2.27)       2.29       2.12       0.12       (0.70)       2.60  

Total income (loss) from operations

    (2.23)       2.37       2.23       0.45       (0.56)       2.80  
Less distributions from:            

Net investment income

    (0.04)       (0.09)       (0.34)       (0.11)       (0.02)       (0.18)  

Total distributions

    (0.04)       (0.09)       (0.34)       (0.11)       (0.02)       (0.18)  
Net asset value, end of period     $14.02       $16.29       $14.01       $12.12       $11.78       $12.36  

Total return3

    (13.74)     16.94     18.54     3.95     (4.60)     29.61
Net assets, end of period (millions)     $217       $228       $171       $143       $110       $104  
Ratios to average net assets:            

Gross expenses

    0.85 %4,5      0.86     0.94 %5      0.97 %5      1.08 %5      2.88 %5 

Net expenses6,7

    0.85 4,5      0.85       0.85 5      0.85 5      0.85 5      0.00 5 

Net investment income

    0.44 4      0.44       0.88       2.84       1.06       1.69  
Portfolio turnover rate     12     23     21     18     23     7

 

1

Per share amounts have been calculated using the average shares method.

 

2

For the six months ended March 31, 2022 (unaudited).

 

3

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

4

Annualized.

 

5

Reflects recapture of expenses waived/reimbursed from prior fiscal years.

 

6

Reflects fee waivers and/or expense reimbursements.

 

7

As a result of an expense limitation arrangement, effective August 3, 2017, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.85%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent. Prior to August 3, 2017, as a result of an expense limitation arrangement, the ratio of total annual fund operating expenses to average net assets of Class IS shares did not exceed 1.05%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares.

 

See Notes to Financial Statements.

 

16     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


Notes to financial statements (unaudited)

 

1. Organization and significant accounting policies

Martin Currie Emerging Markets Fund (the “Fund”) is a separate non-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”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(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 typically 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. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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 Global 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

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       17  


Notes to financial statements (unaudited) (cont’d)

 

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)

 

18     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


 

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:

 

ASSETS  
Description  

Quoted Prices

(Level 1)

   

Other Significant

Observable Inputs

(Level 2)*

   

Significant

Unobservable

Inputs

(Level 3)

    Total  
Long-Term Investments†:                                

Common Stocks:

                               

Communication Services

  $ 5,220,328     $ 62,250,227           $ 67,470,555  

Consumer Discretionary

    30,816,663       66,207,826     $ 686,658       97,711,147  

Consumer Staples

          8,151,859             8,151,859  

Energy

    15,654,159       18,653,972             34,308,131  

Financials

    56,480,934       92,906,634       0 **      149,387,568  

Health Care

    5,629,273       9,964,677             15,593,950  

Industrials

    14,218,233       22,936,119             37,154,352  

Information Technology

    66,388,438       120,998,232             187,386,670  

Materials

    5,854,615       49,985,415             55,840,030  
Total Investments   $ 200,262,643     $ 452,054,961     $ 686,658     $ 653,004,262  

 

*

As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.

 

See Schedule of Investments for additional detailed categorizations.

 

**

Amount represents less than $1.

(b) 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.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       19  


Notes to financial statements (unaudited) (cont’d)

 

received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

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.

(c) 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 may 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.

(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(e) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(f) Share class accounting. Investment income, common expenses and realized/ unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(g) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

 

20     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


(h) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of September 30, 2021, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of March 31, 2022, there were $1,369,075 of capital gains tax liabilities accrued on unrealized gains.

(i) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Martin Currie Inc. (“Martin Currie”) is the Fund’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of the Fund’s cash and short-term instruments allocated to it. LMPFA, Martin Currie and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

 

Average Daily Net Assets    Annual Rate  
First $1 billion      0.750
Next $1 billion      0.700  
Next $3 billion      0.650  
Next $5 billion      0.600  
Over $10 billion      0.550  

LMPFA provides administrative and certain oversight services to the Fund. LMPFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the cash and short-term instruments allocated to Western

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       21  


Notes to financial statements (unaudited) (cont’d)

 

Asset. For its services, LMPFA pays Martin Currie a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. For Western Asset’s services to the Fund, LMPFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by LMPFA.

As a result of expense limitation arrangements between the Fund and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class I and Class IS shares did not exceed 1.30%, 2.05%, 1.30%, 0.95% and 0.85%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent.

During the six months ended March 31, 2022, fees waived and/or expenses reimbursed amounted to $1,096.

LMPFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which LMPFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will LMPFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at March 31, 2022, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by LMPFA and respective dates of expiration as follows:

 

      Class A      Class C      Class FI      Class I      Class IS  
Expires September 30, 2022    $ 461      $ 484      $ 171      $ 48,429      $ 25,389  
Expires September 30, 2023      1,039        1,090        387        109,170        64,959  
Expires September 30, 2024      89        93        33        9,367        7,481  
Expires September 30, 2025                                   
Total fee waivers/expense reimbursements subject to recapture    $ 1,589      $ 1,667      $ 591      $ 166,966      $ 97,829  

For the six months ended March 31, 2022, fee waivers and/or expense reimbursements recaptured by LMPFA, if any, were as follows:

 

      Class A      Class C      Class FI      Class I      Class IS  
LMPFA recaptured    $ 525      $ 551      $ 196      $ 55,216      $ 37,227  

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

 

22     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


There is a maximum initial sales charge of 5.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended March 31, 2022, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

 

      Class A  
Sales charges    $ 1,967  
CDSCs       

Under a Deferred Compensation Plan (the “Plan”), Trustees may have elected to defer receipt of all or a specified portion of their compensation. A participating Trustee selected one or more funds managed by LMPFA or an affiliate of LMPFA in which his or her deferred trustee’s fees were deemed to be invested. Deferred amounts remain in the Fund until distributed in accordance with the Plan. In May 2015, the Board of Trustees approved an amendment to the Plan so that effective January 1, 2016, no compensation earned after that date may be deferred under the Plan.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended March 31, 2022, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

 

Purchases    $ 239,230,736  
Sales      75,439,760  

At March 31, 2022, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

      Cost      Gross
Unrealized
Appreciation
     Gross
Unrealized
Depreciation
     Net
Unrealized
Depreciation
 
Securities    $ 681,474,078      $ 50,869,170      $ (79,338,986)      $ (28,469,816)  

4. Derivative instruments and hedging activities

During the six months ended March 31, 2022, the Fund did not invest in derivative instruments.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       23  


Notes to financial statements (unaudited) (cont’d)

 

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class FI shares calculated at the annual rate of 0.25%, 1.00% and 0.25% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended March 31, 2022, class specific expenses were as follows:

 

      Service and/or
Distribution Fees
     Transfer Agent
Fees
 
Class A    $ 4,803      $ 2,169  
Class C      20,149        2,579  
Class FI      1,788        1,090  
Class I             165,114  
Class IS             1,005  
Total    $ 26,740      $ 171,957  

For the six months ended March 31, 2022, waivers and/or expense reimbursements by class were as follows:

 

      Waivers/Expense
Reimbursements
 
Class A    $ 6  
Class C      6  
Class FI      3  
Class I      676  
Class IS      405  
Total    $ 1,096  

6. Distributions to shareholders by class

 

      Six Months Ended
March 31, 2022
     Year Ended
September 30, 2021
 
Net Investment Income:                  
Class A    $ 1,866      $ 3,060  
Class FI             1,501  
Class I      787,591        471,909  
Class IS      560,549        923,545  
Total    $ 1,350,006      $ 1,400,015  

7. Shares of beneficial interest

At March 31, 2022, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same

 

24     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

 

     Six Months Ended
March 31, 2022
     Year Ended
September 30, 2021
 
      Shares      Amount      Shares      Amount  
Class A                                    
Shares sold      153,892      $ 2,346,660        219,775      $ 3,803,624  
Shares issued on reinvestment      73        1,151        127        2,068  
Shares repurchased      (76,051)        (1,167,015)        (49,241)        (847,204)  
Net increase      77,914      $ 1,180,796        170,661      $ 2,958,488  
Class C                                    
Shares sold      83,542      $ 1,281,233        195,133      $ 3,414,802  
Shares issued on reinvestment                            
Shares repurchased      (31,892)        (488,807)        (23,964)        (399,707)  
Net increase      51,650      $ 792,426        171,169      $ 3,015,095  
Class FI                                    
Shares sold      58,915      $ 926,886        100,285      $ 1,687,302  
Shares issued on reinvestment                    91        1,480  
Shares repurchased      (102,589)        (1,629,767)        (9,719)        (166,246)  
Net increase (decrease)      (43,674)      $ (702,881)        90,657      $ 1,522,536  
Class I                                    
Shares sold      16,757,420      $ 262,508,041        23,194,065      $ 402,400,677  
Shares issued on reinvestment      42,229        671,451        25,593        417,422  
Shares repurchased      (7,216,624)        (113,630,771)        (4,295,846)        (74,936,682)  
Net increase      9,583,025      $ 149,548,721        18,923,812      $ 327,881,417  
Class IS                                    
Shares sold      2,682,209      $ 42,942,387        5,648,131      $ 98,447,124  
Shares issued on reinvestment      29,878        476,849        53,888        881,604  
Shares repurchased      (1,231,602)        (18,624,874)        (3,943,604)        (65,956,365)  
Net increase      1,480,485      $ 24,794,362        1,758,415      $ 33,372,363  

8. Redemption facility

On February 4, 2022, the Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, became a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on February 3, 2023.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       25  


Notes to financial statements (unaudited) (cont’d)

 

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended March 31, 2022.

9. Deferred capital losses

As of September 30, 2021, the Fund had deferred capital losses of $2,036,703, which have no expiration date, that will be available to offset future taxable capital gains.

10. Recent accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

11. Other matters

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

*  *  *

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a

 

26     Martin Currie Emerging Markets Fund 2022 Semi-Annual Report


response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund’s ability to price, buy, sell, receive or deliver such investments was impaired. The Fund could determine at any time that certain of the most affected securities have zero value. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund’s portfolio. The extent and duration of Russia’s military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries affected by the invasion.

The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian equity securities held by the Fund had little or no value at March 31, 2022.

 

Martin Currie Emerging Markets Fund 2022 Semi-Annual Report       27  


Statement regarding liquidity risk management program (unaudited)

 

Each Fund has adopted and implemented a written Liquidity Risk Management Program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The LRMP is designed to assess and manage each Fund’s liquidity risk, which is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. In accordance with the Liquidity Rule, the LRMP includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for Funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments that would result in the Fund holding more than 15% of its net assets in Illiquid assets. The LRMP also requires reporting to the Securities and Exchange Commission (“SEC”) (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

The Director of Liquidity Risk within the Investment Risk Management Group (the “IRMG”) is the appointed Administrator of the LRMP. The IRMG maintains the Investment Liquidity Committee (the “ILC”) to provide oversight and administration of policies and procedures governing liquidity risk management for Franklin Templeton and Legg Mason products and portfolios. The ILC includes representatives from Franklin Templeton’s Risk, Trading, Global Compliance, Legal, Investment Compliance, Investment Operations, Valuation Committee, Product Management and Global Product Strategy.

In assessing and managing each Fund’s liquidity risk, the ILC considers, as relevant, a variety of factors, including the Fund’s investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds’ interfund lending facility and line of credit. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value.

Each Fund primarily holds liquid assets that are defined under the Liquidity Rule as “Highly Liquid Investments,” and therefore is not required to establish an HLIM. Highly Liquid

 

28     Martin Currie Emerging Markets Fund


 

Investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

At meetings of the Funds’ Board of Trustees/Directors held in November 2021, the Program Administrator provided a written report to the Board addressing the adequacy and effectiveness of the program for the year ended December 31, 2020. The Program Administrator report concluded that (i.) the LRMP, as adopted and implemented, remains reasonably designed to assess and manage each Fund’s liquidity risk; (ii.) the LRMP, including the Highly Liquid Investment Minimum (“HLIM”) where applicable, was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk; and (iii.) each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund.

 

Martin Currie Emerging Markets Fund       29  


Martin Currie

Emerging Markets Fund

 

Trustees

Paul R. Ades

Andrew L. Breech

Althea L. Duersten

Chair

Stephen R. Gross

Susan M. Heilbron

Howard J. Johnson

Arnold L. Lehman

Robin J. W. Masters

Jerome H. Miller

Ken Miller

G. Peter O’Brien

Thomas F. Schlafly

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

Martin Currie Inc.

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent#

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

 

#

Effective February 22, 2022, Franklin Templeton Investor Services, LLC replaced BNY Mellon Investment Servicing (US) Inc. as Transfer Agent.

 

Martin Currie Emerging Markets Fund

The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.

Martin Currie Emerging Markets Fund

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

 

This report is submitted for the general information of the shareholders of Martin Currie Emerging Markets Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

© 2022 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.


Legg Mason Funds Privacy and Security Notice

 

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

 

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

 

 

Personal information included on applications or other forms;

 

 

Account balances, transactions, and mutual fund holdings and positions;

 

 

Bank account information, legal documents, and identity verification documentation;

 

 

Online account access user IDs, passwords, security challenge question responses; and

 

 

Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law.

The Funds may disclose information about you to:

 

 

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

 

 

Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

 

 

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

 

 

The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

 

 

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

 

NOT PART OF THE SEMI-ANNUAL  REPORT


Legg Mason Funds Privacy and Security Notice (cont’d)

 

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform. The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary, so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.franklintempleton.com, or contact the Fund at 877-6LM-FUND/656-3863.

Revised April 2018

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker,

 

NOT PART OF THE SEMI-ANNUAL  REPORT


Legg Mason Funds Privacy and Security Notice (cont’d)

 

dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

 

 

In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

 

 

You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: [email protected]

Phone: 1-800-396-4748

Revised October 2020

 

NOT PART OF THE SEMI-ANNUAL  REPORT


 

 

 

 

www.franklintempleton.com

© 2022 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

MCXX265347 5/22 SR22-4396


ITEM 2.

CODE OF ETHICS.

Not applicable.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

 

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

 

ITEM 11.

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 second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.


ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13.

EXHIBITS.

(a) (1) Not applicable.

Exhibit  99.CODE ETH

(a) (2)  Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit  99.CERT

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT


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, there unto duly authorized.

 

Legg Mason Global Asset Management Trust
By:  

/s/ Jane Trust

  Jane Trust
  Chief Executive Officer
Date:   May 24, 2022

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/ Jane Trust

  Jane Trust
  Chief Executive Officer
Date:   May 24, 2022
By:  

/s/ Christopher Berarducci

  Christopher Berarducci
  Principal Financial Officer
Date:   May 24, 2022

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, Jane Trust, certify that:

 

1.

I have reviewed this report on Form N-CSR of Legg Mason Global Asset Management Trust – Martin Currie Emerging Markets Fund;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 24, 2022      

/s/ Jane Trust

      Jane Trust
      Chief Executive Officer


CERTIFICATIONS

I, Christopher Berarducci, certify that:

 

1.

I have reviewed this report on Form N-CSR of Legg Mason Global Asset Management Trust – Martin Currie Emerging Markets Fund;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 24, 2022      

/s/ Christopher Berarducci

      Christopher Berarducci
      Principal Financial Officer

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

CERTIFICATION

Jane Trust, Chief Executive Officer, and Christopher Berarducci, Principal Financial Officer of Legg Mason Global Asset Management Trust – Martin Currie Emerging Markets Fund (the “Registrant”), each certify to the best of their knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended March 31, 2022 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Chief Executive Officer     Principal Financial Officer
Legg Mason Global Asset Management Trust -     Legg Mason Global Asset Management Trust -
Martin Currie Emerging Markets Fund     Martin Currie Emerging Markets Fund

/s/ Jane Trust

   

/s/ Christopher Berarducci

Jane Trust     Christopher Berarducci
Date: May 24, 2022     Date: May 24, 2022

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.



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