Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of December 31, 2018
January 30 2019 - 5:30PM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of December 31, 2018.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities 49.0% Non-Agency
MBS 35.6% GNMA 5.2% Agency Hybrids 1.4% FNMA 1.6% CMBS 5.1%
Investment Grade Corporate Bonds 30.8%
Asset-Backed Securities 9.8% Emerging Market
Debt 4.6% Sovereign Debt External Currency 1.4%
Sovereign Debt Local Currency 1.5% Corporates External Currency
1.7%
High Yield Corporate Bonds 3.2% Bank
Loans 1.4% Government -0.2% Cash &
Other Securities 1.4%
Credit Quality
Allocation**
AAA 20.1% AA 8.9% A 14.9% BBB 25.1% BB 5.3% B 3.5% CCC 6.7% CC 1.4%
D 0.1% Not Rated 14.0%
Top Five
Investment Grade Industries
Banking 15.4% Consumer Non Cyclical 4.3% Energy 2.9% Consumer
Cyclical 2.8% Capital Goods 1.6%
Top High Yield
Industries
Communications 1.8% Energy 0.6% Banking 0.5% Finance Companies 0.2%
Top Emerging
Market Countries
Brazil 1.3% Mexico 1.2% Russia 0.6% Israel 0.6% Kuwait 0.3% United
Arab Emirates 0.3% Chile 0.2% Qatar 0.2%
Currency
Allocation
US Dollar 97.6% Mexican Peso 1.4% Brazilian Real 0.8% Argentine
Peso 0.1% British Pound 0.1%
Average Life
(years) 5.6
Effective Duration (years) 0.7
Average
Coupon (%) 4.2
Portfolio Statistics:
Inception Date October 26, 2004
Inception Price
$20.00
Total Assets*** $104,553,937
Net Assets
$82,361,313
Loans**** 0.00%
Preferred Shares****
0.00%
Reverse Repos**** 21.23%
Market Price
$15.68
NAV $17.64 (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/20190130005762/en/
Western Asset Variable Rate Strategic Fund Inc.Fund Investor
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