NEW YORK--(BUSINESS WIRE)--Western Asset Income Fund (NYSE: PAI) announces its portfolio composition as of September 30, 2011.
Investment Objective: The Fund's seeks a high level of current income, consistent with prudent investment risk. Capital appreciation is a secondary objective.
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Portfolio Composition*: |
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Asset Allocation |
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Investment Grade Corporate Bonds |
82.1% | |||
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High Yield Corporate Bonds |
14.5% | |||
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Emerging Market |
1.1% | |||
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Asset-Backed Securities |
1.0% | |||
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Municipal |
0.5% | |||
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Mortgage-Backed Securities |
0.4% | |||
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Government |
0.2% | |||
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Cash & Other Securities |
0.2% | |||
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Credit Quality Allocation** |
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| AAA | 1.9% | |||
| AA | 8.6% | |||
| A | 31.2% | |||
| BBB | 42.6% | |||
| BB | 12.7% | |||
| B | 2.4% | |||
| CC | 0.2% | |||
| Not Rated | 0.4% | |||
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Top Ten Investment Grade Industries |
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| Banking | 21.6% | |||
| Communications | 11.2% | |||
| Energy | 9.7% | |||
| Finance Companies | 7.0% | |||
| Insurance | 6.2% | |||
| Electric | 5.5% | |||
| Basic Industry | 4.5% | |||
| Consumer Non Cyclical | 4.0% | |||
| Natural Gas | 2.8% | |||
| Non Guaranteed Agency | 2.4% | |||
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Top Five High Yield Industries |
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| Finance Companies | 3.0% | |||
| Consumer Non Cyclical | 2.3% | |||
| Natural Gas | 1.8% | |||
| Consumer Cyclical | 1.7% | |||
| Banking | 1.2% | |||
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Average Life (years) |
11.6 | |||
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Effective Duration (years) |
6.2 | |||
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Average Coupon (%) |
6.9 | |||
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Portfolio Statistics: |
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Inception Date |
March 22, 1973 | |||
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Total Assets*** |
$ | 128,535,364 | ||
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Net Assets |
$ | 127,809,926 | ||
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Loans |
0.00% | |||
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Preferred Shares |
0.00% | |||
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Reverse Repos |
0.00% | |||
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Market Price |
$ | 13.24 | ||
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NAV |
$ | 13.54 | ||
(Daily NAV is available on market quotation systems using the symbol XPAIX.)
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Distribution Rate |
$0.0600 per share | |||
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Frequency |
Monthly (declared monthly, paid monthly) |
* Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time.
** Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by Standard and Poor's, Moody's Investors Service and/or Fitch Ratings, Ltd. and typically range from AAA (highest) to D (lowest). For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Fund's portfolio does not apply to the stability or safety of the Fund. These ratings are updated monthly and may change over time. Please note, the Fund itself has not been rated by an independent rating agency.
*** The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.
Western Asset Income Fund, a diversified closed-end investment management company, is advised by Western Asset Management Company, a wholly owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company Limited, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Fixed income securities are subject to credit risk, inflation risk, call risk, and interest rate risks. As interest rates rise, bond prices fall, reducing the value of the Fund's share price. High yield bonds are subject to additional risk and volatility.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.
For more information, please call Fund Investor Relations at 888-777-0102 or consult the Fund’s web site at www.leggmason.com/cef.
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