Legg Mason BW Global Income Opportunities Fund registers shares

By Toni Weeks

San Diego, March 28 - The Legg Mason BW Global Income Opportunities Fund Inc. registered shares for its initial public offering in a 497 filing with the Securities and Exchange Commission.

The fund plans to sell 20 million shares at $20 each via a syndicate of underwriters led by Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and UBS Securities LLC. The underwriters have been given an over-allotment option for an additional 2,952,553 shares.

The fund seeks to provide current income with capital appreciation as a secondary objective by investing, under normal market conditions, at least 80% of its managed assets in global fixed-income securities, with no more than 35% of the assets invested in below-investment-grade securities and at least 40% of the assets invested in non-U.S. countries or currencies. The fund may invest up to 20% of its assets in illiquid securities at the time of investment. Global fixed-income securities may include, among others, sovereign debt of developed and emerging market countries, U.S. and non-U.S. corporate debt, mortgage-backed securities and currency exposure.

The fund now trades on the New York Stock Exchange under the symbol "BWG."

The investment management team includes David F. Hoffman, Stephen S. Smith, Jack P. McIntyre, Gerhardt (Gary) P. Herbert, Brian L. Kloss, Regina Borromeo and Brian R. Hess. All are employees of the subadivser, Brandywine Global Investment Management, LLC.

Each $20 share incurs a sales load of 4.5%, or $0.90. Management fees are 1.06%, and total annual expenses come to 1.46%.

New York-based Legg Mason Partners Fund Advisor, LLC is the investment adviser.

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