Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of September 30, 2017
November 07 2017 - 5:43PM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of September 30, 2017.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities 50.5% Non-Agency
MBS 36.7% GNMA 5.5% Agency Hybrids 1.5% FNMA 1.7% CMBS 5.0%
Investment Grade Corporate Bonds 24.0%
Asset-Backed Securities 8.1% Emerging Market
Debt 7.0% Sovereign Debt External Currency 1.1%
Sovereign Debt Local Currency 1.6% Corporates External Currency
4.3%
High Yield Corporate Bonds 5.6%
Government 2.2% Bank Loans 1.4% Cash
& Other Securities 1.2%
Credit Quality
Allocation**
AAA 17.8% AA 5.7% A 12.2% BBB 22.4% BB 11.7% B 4.1% CCC 9.6% CC
3.1% C 0.5% D 0.5% Not Rated 12.3%
Top Five
Investment Grade Industries
Banking 12.0% Consumer Non Cyclical 3.1% Energy 1.9% Consumer
Cyclical 1.9% Capital Goods 1.2%
Top Five High
Yield Industries
Communications 1.9% Energy 1.7% Banking 1.2% Consumer Cyclical 0.3%
Finance Companies 0.2%
Top Emerging
Market Countries
Brazil 3.6% Mexico 1.9% Russia 0.8% Kuwait 0.2% Colombia 0.2%
Currency
Allocation
US Dollar 97.7% Mexican Peso 1.5% Brazilian Real 0.8%
Average Life (years) 5.7
Effective Duration (years)
0.6
Average Coupon (%) 3.6
Portfolio
Statistics: Inception Date October 26, 2004
Inception Price $20.00
Total Assets*** $112,633,315
Net Assets $85,492,003
Loans**** 0.00%
Preferred
Shares**** 0.00%
Reverse Repos**** 24.10%
Market Price $17.39
NAV $18.31 (Daily NAV is
available on market quotation systems using the symbol XGFYX.)
Distribution Rate $0.07750 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), or an equivalent and/or similar rating. For this purpose,
when 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. **** Percentages are based
on total assets. If the Fund employs leverage, the Effective
Duration is based on net assets.
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
1-888-777-0102, or consult the Fund’s web site at
http://www.lmcef.com. Hard copies of the Fund’s complete audited
financial statements are available free of charge upon request.
FN1112205
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version on businesswire.com: http://www.businesswire.com/news/home/20171107006871/en/
Western Asset Variable Rate Strategic Fund Inc.Maria Rosati,
1-212-805-6036mrosati@leggmason.com
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