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Legg Mason launches Legg Mason BW Global High Yield Fund
By Toni Weeks
San Diego, Dec. 18 - Legg Mason Global Asset Management Trust announced it has launched the Legg Mason BW Global High Yield Fund.
According to a 497K filing with the Securities and Exchange Commission, the fund seeks to provide a high level of current income with long-term capital appreciation as a secondary objective by investing at least 80% of its assets in high-yield securities or unrated securities of comparable quality.
Under normal conditions, the fund will invest in high-yield debt of corporate or sovereign issuers of any size. The issuers may be located anywhere in the world but will represent at least three countries, including emerging markets.
The portfolio managers may also consider investments in bank loans, defaulted bonds, defaulted bank loans, debtor-in-possession loans, investment-grade corporate bonds, U.S. Treasuries and agencies, zero-coupon bonds, securities representing securitized assets, currencies, preferred stock, convertible bonds and other fixed-income securities.
Gary Herbert, Brian Kloss, Regina Borromeo and Tracy Chen are the fund's portfolio managers.
The fund launched with class I and class IS shares under the ticker symbols "LMYIX" and "LMZIX," respectively. The fund is the successor to an institutional account, which transferred its assets on Nov. 30 to the new fund in exchange for the fund's class IS shares.
There are no shareholder fees. Management fees are 0.65%. The investment manager has agreed to waive and/or reimburse expenses so that total annual fund operating expenses do not exceed 0.85% for class I and 0.75% for class IS shares. The agreement expires Dec. 31, 2013.
New York-based Legg Mason Partners Fund Advisor, LLC is the investment manager, and Philadelphia-based Brandywine Global Investment Management, LLC is the investment adviser.
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