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Legg Mason gives details on new Western Asset Short Term Yield Fund
By Toni Weeks
San Luis Obispo, Calif., Nov. 21 – Legg Mason Partners Income Trust announced a new investment-grade fund offering, the Western Asset Short Term Yield Fund. The fund’s prospectus is to become effective on Nov. 28.
According to an N-1A filing with the Securities and Exchange Commission, the fund seeks current income by investing in dollar-denominated investment-grade fixed-income securities, including corporate debt securities, bank obligations, commercial paper, asset-backed and mortgaged-backed securities, structured instruments and securities issued by the U.S. government and its agencies and instrumentalities.
Under normal circumstances the fund will invest at least 25% of its assets in securities issued by companies in the financial services industry.
The fund will maintain a dollar-weighted average effective maturity of three years or less, with expectations of a maturity of not more than 18 months.
S. Kenneth Leech, Kevin K. Kennedy, Martin R. Hanley and Dennis J. McNamara are the portfolio managers.
The fund will offer class FI, I and IS share classes. The ticker symbols are LGSYX, WTYIX and LGSTX, respectively.
There are no shareholder fees. Including a management fee of 0.25%, and taking into account the effects of a fee waiver and expenses reimbursement agreement with the investment adviser, total annual fund operating expenses are expected to be 0.7% for class FI, 0.45% for class I and 0.35% for class IS shares.
New York-based Legg Mason Partners Fund Advisor, LLC is the investment manager. Western Asset Management Co. is the subadviser.
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