GFY - Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of December 31 2018
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.
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Western Asset Variable Rate Strategic Fund Inc.
Fund Investor
Services, 1-888-777-0102