Legg Mason's Western Asset Short Term Yield Fund to launch next week

By Toni Weeks

San Diego, Nov. 20 - Legg Mason Partners Income Trust announced it will launch the Western Asset Short Term Yield Fund next week, according to an N-1A filing with the Securities and Exchange Commission.

The fund seeks current income and will invest in dollar-denominated, investment-grade, fixed-income securities. These may include corporate debt securities, bank obligations, commercial paper, asset-backed securities, structured instruments, securities issued by the U.S. government, its agents and instrumentalities, U.S. states and municipalities and foreign governments. The fund expects to maintain a dollar-weighted average effective maturity of not more than 18 months, with a dollar-weighted average effective maturity of not more than three years.

Stephen A. Walsh, Kevin K. Kennedy and Martin R. Hanley are the portfolio managers.

The fund will launch with class FI, class I (Symbol: WTYIX) and class IS shares.

There are no shareholder fees. Management fees will run 0.25%. Taking into account a fee waiver agreement with the adviser, total annual fund operating expenses will be limited to 0.7% for class FI, 0.45% for class I and 0.35% for class IS shares.

Baltimore-based Legg Mason Partners Fund Advisor, LLC serves as the investment manager.

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