Business & Finance
Business and Finance
Business and Finance
Fri, July 23, 2010
Thu, July 22, 2010 Western Asset Emerging Markets Income Fund Inc. as of June 30, 2010
NEW YORK--([ BUSINESS WIRE ])--Western Asset Emerging Markets Income Fund Inc. (NYSE: EMD) announces its portfolio composition as of June 30, 2010.
Investment Objective: The Fund seeks high current income. As a secondary objective, the Fund seeks capital appreciation.
Portfolio Composition*:
Asset Allocation | ||||||||||||||||||||||
Emerging Market Debt | 92.7% | |||||||||||||||||||||
Sovereign Debt External Currency | 56.8% | |||||||||||||||||||||
Sovereign Debt Local Currency | 7.9% | |||||||||||||||||||||
Corporates External Currency | 28.0% | |||||||||||||||||||||
Investment Grade Corporate Bonds | 4.1% | |||||||||||||||||||||
Government | 0.8% | |||||||||||||||||||||
High Yield Corporate Bonds | 0.5% | |||||||||||||||||||||
Cash & Cash Equivalents | 2.0% | |||||||||||||||||||||
Credit Quality Allocation1 | ||||||||||||||||||||||
| AAA | 2.7% | |||||||||||||||||||||
| AA | 1.9% | |||||||||||||||||||||
| A | 4.5% | |||||||||||||||||||||
| BBB | 53.9% | |||||||||||||||||||||
| BB | 26.6% | |||||||||||||||||||||
| B | 10.2% | |||||||||||||||||||||
| D | 0.1% | |||||||||||||||||||||
The investment manager has assigned its own ratings to securities not rated by S&P, Moody's or Fitch. Of the credit quality allocation totals above, Western Asset has rated 1.8% of the portfolio as equivalent to AAA and 0.1% as B.
Top Ten Emerging Market Countries | |||||||||
| Russia | 17.6% | ||||||||
| Brazil | 15.4% | ||||||||
| Mexico | 12.5% | ||||||||
| Turkey | 9.0% | ||||||||
| Venezuela | 7.5% | ||||||||
| Colombia | 5.6% | ||||||||
| Argentina | 4.7% | ||||||||
| Indonesia | 4.0% | ||||||||
| Malaysia | 3.6% | ||||||||
| Peru | 3.3% | ||||||||
Currency Allocation | |||||||||
| US Dollar | 89.1% | ||||||||
| Brazilian Reals | 5.0% | ||||||||
| Indonesian Rupiahs | 2.7% | ||||||||
| Euros | 2.5% | ||||||||
| Russian Rubles | 0.4% | ||||||||
| Argentinan Pesos | 0.2% | ||||||||
| Turkish Lira | 0.1% | ||||||||
Average Life (years) | 12.87 | ||||||||
Effective Duration (years) | 7.16 | ||||||||
Average Coupon (%) | 7.59 | ||||||||
Portfolio Statistics: | |||||||||
Inception Date | June 25, 1993 | ||||||||
Inception Price | $15.00 | ||||||||
Total Assets | $396,188,674 | ||||||||
Net Assets*** | $396,188,674 | ||||||||
Loans**** | 0.00% | ||||||||
Preferred Shares**** | 0.00% | ||||||||
Reverse Repos**** | 0.00% | ||||||||
Market Price | $12.24 | ||||||||
NAV | $13.85 | ||||||||
(Daily NAV is available on market quotation systems using the symbol XEMDX.) | |||||||||
Distribution Rate** | $0.2300 per share | ||||||||
Frequency | Quarterly | ||||||||
| * | Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. | |
| ** | Pursuant to its managed distribution policy, the Fund intends to make regular quarterly distributions to shareholders of its common stock at a fixed rate per common share, which may be adjusted from time to time by the Fund's Board of Directors. Under the Fund's managed distribution policy, if, for any quarterly distribution, the total of net investment income and net realized capital gain is less than the amount of the distribution, the difference will be distributed from the Fund's assets (and will constitute a "return of capital"). The Board of Directors may terminate the managed distribution policy at any time, including when certain events would make part of any return of capital taxable to shareholders. Any such termination could have an adverse effect on the market price for the Fund's shares. | |
| *** | The difference between total assets and net assets, if any, is due primarily to the Funda™s use of borrowings and other assets and liabilities; 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 Funda™s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. | |
| **** | Percentages based on total assets. |
The Fund formerly operated as the Western Asset Emerging Markets Income Fund II Inc.On November 3, 2008, the Fund merged with and into the Western Asset Emerging Markets Income Fund Inc.The Fund changed its name to the Western Asset Emerging Markets Income Fund Inc. and changed its symbol to aEMDa.
Western Asset Emerging Markets Income Fund Inc., a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol aEMD,a is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, 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. International investing is subject to additional risks. These risks are greater in emerging markets. The credit quality ratings shown may change over time.
For more information, please call Fund Investor Services at 888-777-0102, or consult the Funda™s web site at [ www.leggmason.com/cef ].
1 Credit quality is a measure of a bond issuer's ability to repay interest and a principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by the following Nationally Recognized Statistical Rating Organizations ("NRSRO"): Standard and Poor's ("S&P"), Moody's Investors Service ("Moody's"), Fitch Ratings, Ltd. In the case where a security is not rated by an NRSRO the rating is determined by Western Asset Management ("WAM"), the fund's investment manager (and not an NRSRO). For this purpose, if two or more of the other NRSROs have assigned a rating to a security, the highest rating is used. If a security is not rated by a NRSRO, WAM will analyze comparable securities with similar characteristics (size, capital structure, industry sector, risks, etc.) and assign its own rating using denominations similar to those of S&P. Unrated securities assigned a rating by WAM are specified separately in the credit quality breakdown being shown. A negative allocation may be apparent, which is primarily due to the Fund's unsettled trade activity. Currency forwards and futures are not rated by a NRSRO or WAM and are listed as "Non Rated". 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 by WAM monthly and may change over time. Please note, WAM is not a NRSRO nor has the Fund itself been rated by a NRSRO.
FN0911785
