[November 01, 2018] |
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Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of September 30, 2018
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
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Mortgage-Backed Securities
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48.2%
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Non-Agency MBS
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35.1%
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GNMA
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5.2%
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Agency Hybrids
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1.4%
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FNMA
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1.4%
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CMBS
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5.2%
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Investment Grade Corporate Bonds
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30.4%
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Asset-Backed Securities
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8.5%
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Emerging Market Debt
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4.5%
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Sovereign Debt External Currency
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1.3%
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Sovereign Debt Local Currency
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1.4%
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Corporates External Currency
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1.8%
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High Yield Corporate Bonds
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3.4%
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Bank Loans
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1.5%
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Government
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0.9%
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Cash & Other Securities
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2.7%
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Credit Quality Allocation**
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AAA
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17.9%
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AA
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8.5%
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A
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14.7%
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BBB
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24.5%
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BB
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6.5%
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B
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4.3%
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CCC
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7.3%
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CC
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2.5%
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Not Rated
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13.8%
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Top Five Investment Grade Industries
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Banking
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15.2%
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Consumer Non Cyclical
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4.1%
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Energy
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2.9%
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Consumer Cyclical
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2.6%
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Capital Goods
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1.9%
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Top Five High Yield Industries
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Communications
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1.8%
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Energy
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0.6%
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Banking
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0.6%
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Finance Companies
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0.2%
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Capital Goods
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0.2%
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Top Emerging Market Countries
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Mexico
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1.3%
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Brazil
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1.2%
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Russia
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0.6%
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Israel
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0.5%
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Kuwait
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0.2%
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United Arab Emirates
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0.2%
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Chile
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0.2%
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Saudi Arabia
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0.2%
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Currency Allocation
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US Dollar
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97.8%
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Mexican Peso
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1.4%
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Brazilian Real
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0.7%
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Argentine Peso
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0.1%
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Average Life (years)
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5.5
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Effective Duration (years)
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1.4
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Average Coupon (%)
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4.1
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Portfolio Statistics:
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Inception Date
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October 26, 2004
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Inception Price
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$20.00
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Total Assets***
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$108,738,859
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Net Assets
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$84,922,148
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Loans****
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0.00%
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Preferred Shares****
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0.00%
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Reverse Repos****
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21.90%
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Market Price
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$16.40
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NAV
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$18.19
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(Daily NAV is available on market quotation systems using the symbol
XGFYX.)
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Distribution Rate
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$0.07750 per share
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Frequency
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Monthly (Declared quarterly, paid monthly)
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*
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Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time.
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**
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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.
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***
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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.
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****
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Percentages are based on total assets. If the Fund employs leverage,
the Effective Duration is based on net assets.
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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
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005183/en/
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