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Legg Mason trusts plan 'shell' reorganizations, improve governance
By Toni Weeks
San Diego, Feb. 24 - The boards of several Legg Mason trusts approved on Feb. 23 a plan of reorganization of the trusts into the Legg Mason Global Asset Management Trust, a Maryland statutory trust. The funds are currently organized as series of Maryland corporations.
The affected funds are the Legg Mason Batterymarch U.S. Small Capitalization Equity Portfolio and the Legg Mason BW Global Opportunities Bond Fund, each a series of Legg Mason Charles Street Trust, Inc.; the Legg Mason Batterymarch International Equity Trust and the Legg Mason Batterymarch Emerging Markets Trust, each a series of Legg Mason Global Trust, Inc.; and the Legg Mason Capital Management Opportunity Trust, a series of Legg Mason Investment Trust, Inc.
According to a 497 filing with the Securities and Exchange Commission, the reorganizations would provide flexibility to the trustees in conducting the business of the funds, allowing them to operate efficiently and in a cost-effective manner and save shareholders money. They would also result in changes to fund governance, affecting voting power, removal of directors and redemption of shares, among other things.
The reorganizations will be shell reorganizations, the filing stated. It will not result in the combination of assets of any fund with any other fund. There will be no sales load, deferred sales charge, commission or fee as part of the reorganizations. The new funds will have the same management agreements, portfolio managers, investment objectives and strategies, distribution agreements and other service agreements.
The reorganizations are expected to occur on April 30, with any costs borne by Legg Mason and the funds.
Baltimore-based LMM, LLC serves as investment adviser to the funds.
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