Investment Commentary and Annual Report to ... - Western Asset
Investment Commentary and Annual Report to ... - Western Asset
Investment Commentary and Annual Report to ... - Western Asset
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Annual</strong> <strong>Report</strong> <strong>to</strong> ShareholdersPortfolio DiversificationDecember 31, 2008 A BY SECTOR(At Market Value)BBB 26.5%STANDARD & POOR’S DEBT RATINGS B(At Market Value)U.S. Govt. <strong>and</strong> Not RatedU.S. Govt. Agency 8.2%Obligations3.0%AAA20.0%Below B6.1%B11.4%AA 3.2%A 11.8%BB 9.8%0.5%1.0%3.0%8.7%PREFERRED STOCKSOTHERU.S. GOVERNMENT SECURITIESYANKEE BONDSC33.6%53.2%ASSET-BACKED SECURITIES/MORTGAGE-BACKED SECURITIESCORPORATE BONDS0 10 20 30 40 50 60The pie <strong>and</strong> bar charts above represent the composition of the Fund’s portfolio as of December 31, 2008 <strong>and</strong> do notinclude derivatives such as Futures Contracts, Options Written, <strong>and</strong> Credit Default Swaps.A The Fund is actively managed. As a result, the composition of its portfolio holdings <strong>and</strong> sec<strong>to</strong>rs is subject <strong>to</strong> change at any time.B St<strong>and</strong>ard & Poor’s Ratings Services provides capital markets with credit ratings for the evaluation <strong>and</strong> assessment of credit risk.C Yankee Bond – A dollar-denominated bond issued in the U.S. by foreign entities.7
Change language