Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of September 30, 2018
November 01 2018 - 8:30AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of September 30, 2018.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities 48.2% Non-Agency
MBS 35.1% GNMA 5.2% Agency Hybrids 1.4% FNMA 1.4% CMBS 5.2%
Investment Grade Corporate Bonds 30.4%
Asset-Backed Securities 8.5% Emerging Market
Debt 4.5% Sovereign Debt External Currency 1.3%
Sovereign Debt Local Currency 1.4% Corporates External Currency
1.8%
High Yield Corporate Bonds 3.4%
Bank Loans
1.5% Government 0.9% Cash & Other
Securities 2.7%
Credit Quality
Allocation**
AAA 17.9% AA 8.5% A 14.7% BBB 24.5% BB 6.5% B 4.3% CCC 7.3% CC 2.5%
Not Rated 13.8%
Top Five
Investment Grade Industries
Banking 15.2% Consumer Non Cyclical 4.1% Energy 2.9% Consumer
Cyclical 2.6% Capital Goods 1.9%
Top Five High
Yield Industries
Communications 1.8% Energy 0.6% Banking 0.6% Finance Companies 0.2%
Capital Goods 0.2%
Top Emerging
Market Countries
Mexico 1.3% Brazil 1.2% Russia 0.6% Israel 0.5% Kuwait 0.2% United
Arab Emirates 0.2% Chile 0.2% Saudi Arabia 0.2%
Currency
Allocation
US Dollar 97.8% Mexican Peso 1.4% Brazilian Real 0.7% Argentine
Peso 0.1%
Average Life (years) 5.5
Effective Duration (years) 1.4
Average Coupon (%) 4.1
Portfolio Statistics: Inception Date
October 26, 2004
Inception Price $20.00
Total
Assets*** $108,738,859
Net Assets $84,922,148
Loans**** 0.00%
Preferred Shares**** 0.00%
Reverse
Repos**** 21.90%
Market Price $16.40
NAV
$18.19 (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: https://www.businesswire.com/news/home/20181101005183/en/
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