Western Asset Income Fund (NYSE:PAI) announces its portfolio composition as of June 30, 2017.
Investment Objective: The Fund's seeks a high level of current income, consistent with prudent investment risk through investment in a diversified portfolio of debt securities. To a lesser extent, the Fund may also invest in privately placed debt securities and in certain equity securities. Capital appreciation is a secondary investment objective.
Portfolio Composition*: | |||
Asset Allocation | |||
| Investment Grade Corporate Bonds | 72.4% | ||
High Yield Corporate Bonds | 11.6% | ||
Emerging Markets Debt | 10.6% | ||
Corporates External Currency | 4.1% | ||
Sovereign Debt External Currency | 6.5% | ||
Government | 2.4% | ||
Municipal | 1.4% | ||
Asset-Backed Securities | 0.4% | ||
Cash & Other Securities | 1.3% | ||
Credit Quality Allocation** | |||
| AAA | 4.6% | ||
| AA | 4.8% | ||
| A | 26.4% | ||
| BBB | 46.6% | ||
| BB | 10.1% | ||
| B | 5.6% | ||
| CCC | 0.5% | ||
| NR | 1.3% | ||
Top Ten Investment Grade Industries | |||
| Banking | 20.2% | ||
| Energy | 10.9% | ||
| Communications | 9.7% | ||
| Consumer Non Cyclical | 5.4% | ||
| Insurance | 4.4% | ||
| Technology | 4.3% | ||
| Finance Companies | 3.9% | ||
| Basic Industry | 3.9% | ||
| Capital Goods | 2.5% | ||
| Electric | 2.5% | ||
Top Five High Yield Industries | |||
| Banking | 2.8% | ||
| Communications | 2.1% | ||
| Finance Companies | 2.0% | ||
| Consumer Cyclical | 1.7% | ||
| Energy | 1.6% | ||
Average Life (years) | 12.1 | ||
Effective Duration (years) | 7.2 | ||
Average Coupon (%) | 6.0 | ||
Portfolio Statistics: | |||
Inception Date | March 22, 1973 | ||
Total Assets*** | $143,126,399 | ||
Net Assets | $143,126,399 | ||
Loans**** | 0.00% | ||
Preferred Shares**** | 0.00% | ||
Reverse Repos**** | 0.00% | ||
Market Price | $14.91 | ||
NAV | $15.11 | ||
| (Daily NAV is available on market quotation systems using the symbol XPAIX.) | |||
Distribution Rate | $0.0575 per share | ||
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), or an equivalent and/or similar rating. For this purpose, when 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. | |
| **** | Percentages are based on total assets. If the Fund employs leverage, the Effective Duration is based on net assets. | |
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 Services at 1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170804005135/en/
Contacts:
Maria Rosati, 1-212-805-6036
mrosati@leggmason.com
