Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of September 30, 2012
November 02 2012 - 8:30AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of September 30, 2012.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities
51.3
%
Investment Grade Corporate
Bonds
21.3
%
High Yield Corporate Bonds
8.8
%
Bank Loans
6.9
%
Emerging Market Debt
7.1
%
Sovereign Debt External Currency
1.3
%
Sovereign Debt Local Currency
2.7
%
Corporates External Currency
3.0
%
Asset-Backed Securities
4.3
%
Municipal
0.3
%
Cash & Other Securities
0.1
%
Credit Quality
Allocation**
AAA 21.8 % AA 7.6 % A 10.6 % BBB 17.5 % BB 13.7 % B 13.7 % CCC 13.0
% CC 0.9 % C 0.4 % D 0.6 % Not Rated 0.2 %
Top Five High
Yield Industries
Finance Companies 2.0 % Communications 1.7 % Energy 1.2 % Consumer
Cyclical 0.9 % Basic Industry 0.8 %
Top Five Emerging
Market Countries
Brazil 4.4 % Russia 1.0 % Venezuela 0.7 % Mexico 0.6 % India 0.4 %
Currency
Allocation
US Dollar 97.3 % Brazilian Reals 2.7 %
Average Life (years)
4.7
Effective Duration (years)
0.8
Average Coupon (%)
2.9
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$ 20.00
Total Assets***
$ 129,966,442
Net Assets
$ 122,940,771
Loans
0.00 %
Preferred Shares
0.00 %
Reverse Repos
4.82 %
Market Price
$ 18.45
NAV
$ 18.46
(Daily NAV is available on market
quotation systems using the symbol XGFYX.)
Distribution Rate
$0.0725 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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