Legg Mason filed with the Securities and Exchange Commission last week to streamline its mutual fund complex by merging U.S. funds and liquidating others, resulting in 119 funds as opposed to the current 166. Most of the former Smith Barney and Salomon Brothers funds will be re-branded Legg Mason Partners Funds.

In addition, the company intends to reduce the number of boards overseeing the funds from 10 to three, one monitoring equity funds, another fixed income and the third, closed-end funds.

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