Western Asset Variable Rate Strategic Fund Inc. as of December 31, 2011
February 03 2012 - 8:30AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of December 31, 2011.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities
40.4%
Investment Grade Corporate
Bonds
19.5%
High Yield Corporate Bonds
10.5%
Bank Loans
9.2%
Asset-Backed Securities
7.1%
Emerging Market Debt
6.8%
Sovereign Debt External Currency
1.2%
Sovereign Debt Local Currency
2.6%
Corporates External Currency
3.0%
Municipal
1.8%
Cash & Other Securities
4.7%
Credit Quality
Allocation**
AAA 16.7% AA 9.4% A 12.3% BBB 14.2% BB 16.4% B 15.6% CCC 10.8% CC
0.4% C 0.3% Not Rated 3.8%
Top Five High
Yield Industries
Energy 2.2% Finance Companies 1.8% Communications 1.7% Consumer
Cyclical 1.3% Basic Industry 0.9%
Top Five Emerging
Market Countries
Brazil 4.2% Russia 0.9% Mexico 0.7% Venezuela 0.6% India 0.5%
Currency
Allocation
US Dollar 97.4% Brazilian Reals 2.6%
Average Life (years)
6.3
Effective Duration (years)
0.4
Average Coupon (%)
3.1
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$20.00
Total Assets***
$122,522,910
Net Assets
$111,872,397
Loans
0.00%
Preferred Shares
0.00%
Reverse Repos
12.47%
Market Price
$14.85
NAV
$16.80
(Daily NAV is available on market quotation systems using the
symbol XGFYX.)
Distribution Rate
$0.0650 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. 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 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.
FN1112205
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