Western Asset Variable Rate Strategic Fund Inc. as of December 31, 2010
January 27 2011 - 5:30PM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of December 31, 2010.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities
51.4%
High Yield Corporate Bonds
21.2%
Investment Grade Corporate
Bonds
10.8%
Emerging Market Debt
8.5%
Sovereign Debt External Currency
1.2%
Sovereign Debt Local Currency
3.1%
Corporates External Currency
4.2%
Asset-Backed Securities
2.7%
Government
0.5%
Cash & Other Securities
4.8%
Credit Quality
Allocation**
AAA 24.5% AA 10.6% A 5.8% BBB 13.5% BB 13.4% B 16.9% CCC 10.1% C
0.3% Not Rated 4.7%
Top Five High
Yield Industries
Bank Loans 7.1% Communications 2.6% Finance Companies 2.6% Energy
2.5% Consumer Cyclical 1.6%
Top Five Emerging
Market Countries
Brazil 4.2% Russia 1.2% Mexico 0.8% Thailand 0.7% Venezuela 0.6%
Currency
Allocation
US Dollar 96.8% Brazilian Reals 2.7% Egyptian Pounds 0.5%
Average Life (years)
5.1
Effective Duration (years)
1.4
Average Coupon (%)
3.8
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$20.00
Total Assets***
$116,347,056
Net Assets
$116,347,056
Loans
0.00%
Preferred Shares
0.00%
Reverse Repos
0.00%
Market Price
$16.99
NAV
$17.47
(Daily NAV is available on market
quotation systems using the symbol XGFYX.)
Distribution Rate
$0.0560 per share
Frequency
Monthly (Declared quarterly, 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. 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 Variable Rate Strategic Fund Inc., a
non-diversified closed-end investment management company traded on
the New York Stock Exchange under the symbol “GFY”, 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.
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
888-777-0102, or consult the Fund’s web site at
www.leggmason.com/cef.
FN1011947
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