The fund, which launched in 2009, is undergoing a name change to better reflect its goal to achieve returns from high quality short-dated corporate bonds, Legg Mason said.
The firm added that upon launch of the fund, its objective was to achieve stable returns over a market cycle with low annualised volatility in line with shorter-dated A-rated blue-chip corporate bonds. The typical duration range is two to four years.
Legg Mason has said the fund’s investment strategy will remain the same.
Alex Barry, head of UK sales at Legg Mason Global Asset Management, said: “The fund is an attractive option for investors seeking high-quality credit with a short duration and competitive risk-adjusted returns.
“With UK corporate bond yields at record lows, investors should look at a truly global and diversified portfolio in their search for return. By renaming and adjusting the investment guidelines of the fund we hope to better reflect its objective, which it has been following since launch in 2009.
“We are committed to a client-driven product development and have been working with clients to make these changes.”