Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of June 30, 2019
July 23 2019 - 8:00AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of June 30, 2019.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities
46.7%
Non-Agency MBS
34.7%
GNMA
4.7%
Agency Hybrids
1.3%
FNMA
1.6%
CMBS
4.4%
Investment Grade Corporate
Bonds
33.4%
Asset-Backed Securities
9.0%
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
2.9%
Bank Loans
1.4%
Government
-1.3%
Cash & Other Securities
3.3%
Credit Quality
Allocation**
AAA
18.7%
AA
9.1%
A
15.9%
BBB
26.1%
BB
5.2%
B
3.2%
CCC
5.8%
CC
1.2%
C
0.2%
D
0.1%
Not Rated
14.6%
Top Five
Investment Grade Industries
Banking
17.4%
Consumer Non Cyclical
4.3%
Energy
3.0%
Consumer Cyclical
2.8%
Capital Goods
1.8%
Top High Yield
Industries
Communications
1.8%
Banking
0.6%
Finance Companies
0.2%
Energy
0.2%
Top Emerging
Market Countries
Mexico
1.3%
Brazil
1.3%
Russia
0.6%
Israel
0.5%
Kuwait
0.3%
United Arab Emirates
0.3%
Qatar
0.2%
Chile
0.2%
Currency
Allocation
US Dollar
96.8%
Mexican Peso
1.5%
Brazilian Real
0.8%
Canadian Dollar
0.8%
Argentine Peso
0.1%
Average Life (years)
5.0
Effective Duration (years)
0.5
Average Coupon (%)
4.1
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$20.00
Total Assets***
$107,757,021
Net Assets
$83,760,183
Loans****
0.00%
Preferred Shares****
0.00%
Reverse Repos****
22.27%
Market Price
$16.30
NAV
$17.94
(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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