Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of March 31, 2019

For this purpose, when two or more of the agencies have assigned differing ratings to a security, the highest rating is used.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, April 25, 2019
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Professional services, Banking, Finance, Economy of the United States, Legg Mason, Finance, Western Asset Management Company, Companies
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United States, NEW YORK
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Summary
Key Points: 
  • For this purpose, when two or more of the agencies have assigned differing ratings to a security, the highest rating is used.
  • The credit quality of the investments in the Fund's portfolio does not apply to the stability or safety of the Fund.
  • 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.
  • For more information, please call Fund Investor Services at 1-888-777-0102, or consult the Funds web site at http://www.lmcef.com .


Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) announces
its portfolio composition as of March 31, 2019.

Investment Objective: The Fund’s investment objective is to
maintain a high level of current income.

 

Portfolio Composition*:

 

Asset Allocation

Mortgage-Backed Securities

47.8%

Non-Agency MBS

35.1%

GNMA

4.8%

Agency Hybrids

1.3%

FNMA

1.5%

CMBS

5.0%

Investment Grade Corporate Bonds

32.6%

Asset-Backed Securities

9.2%

Emerging Market Debt

4.5%

Sovereign Debt External Currency

1.4%

Sovereign Debt Local Currency

1.4%

Corporates External Currency

1.7%

High Yield Corporate Bonds

3.2%

Bank Loans

1.4%

Government

-1.0%

Cash & Other Securities

2.3%

 

Credit Quality Allocation**
AAA 18.5%
AA 8.4%
A 16.0%
BBB 25.5%
BB 5.1%
B 3.3%
CCC 6.3%
CC 1.2%
C 0.2%
D 0.1%
Not Rated 15.4%
 

Top Five Investment Grade Industries

Banking 17.1%
Consumer Non Cyclical 4.2%
Energy 2.9%
Consumer Cyclical 2.8%
Capital Goods 1.8%
 

Top High Yield Industries

Communications 1.7%
Energy 0.6%
Banking 0.6%
Finance Companies 0.2%
 

Top Emerging Market Countries

Mexico 1.2%
Brazil 1.2%
Russia 0.6%
Israel 0.5%
Kuwait 0.3%
United Arab Emirates 0.2%
Chile 0.2%
 

Currency Allocation

US Dollar 96.9%
Mexican Peso 1.4%
Canadian Dollar 0.8%
Brazilian Real 0.8%
Argentine Peso 0.1%
 

Average Life (years)

5.3

Effective Duration (years)

0.8

Average Coupon (%)

4.2
 

Portfolio Statistics:

 

Inception Date

October 26, 2004

Inception Price

$20.00

Total Assets***

$108,316,351

Net Assets

$83,571,715

Loans****

0.00%

Preferred Shares****

0.00%

Reverse Repos****

22.84%
 

Market Price

$15.88

NAV

$17.90
(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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