Business Wire | Aug 24, 2020 08:00AM EDT

Western Asset Variable Rate Strategic Fund Inc. Announces Financial Position as of June 30, 2020

Aug. 24, 2020

NEW YORK--(BUSINESS WIRE)--Aug. 24, 2020--Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) today announced the financial position of the Fund as of June 30, 2020.

Current Q Previous Q Prior Yr Q June 30, 2020 March 31, 2020 June 30, 2019Total Assets (a) $ 97,036,279 $ 93,738,421 $ 111,796,862

Total Net Assets (a) $ 76,604,128 $ 71,201,900 $ 83,760,183

NAV Per Share of Common $ $ $ Stock (b) 16.41 15.25 17.94

$ $ $ Market Price Per Share 15.70 13.81 16.30

Premium / (Discount) (4.33)% (9.44)% (9.14)%

Outstanding Shares 4,668,407 4,668,407 4,668,407

Total Net Investment Income $ $ $ (c) 833,956 906,388 955,010

Total Net Realized/ $ $ (11,722,764) $ Unrealized Gain/(Loss) (c) 5,653,677 311,273

Net Increase (Decrease) in $ $ (10,816,376) $ Net Assets From Operations 6,487,633 1,266,283(c) Earnings per Common ShareOutstandingTotal Net Investment Income $ $ $ (c) 0.18 0.19 0.20

Total Net Realized/ $ $ $ Unrealized Gain/(Loss) (c) 1.21 (2.51) 0.07

Net Increase (Decrease) in $ $ $ Net Assets From Operations 1.39 (2.32) 0.27(c) Undistributed/ $ $ $ (Overdistributed) Net (1,297,066) (1,045,617) (213,372)Investment Income (d)Undistributed/(Overdistributed) NetInvestment Income $ $ $ Per Share (d) (0.28) (0.22) (0.05)

Reverse Repurchase $ 19,409,311 $ 20,782,849 $ 23,996,838Agreements (d)

Footnotes:

(a) The difference between total assets and total net assets is due primarily to the Fund's use of borrowings; total net assets do not include borrowings.

(b) NAVs are calculated as of the close of business on the last business day in the periods indicated above.

(c) For the quarter indicated.

(d) As of the date indicated above.

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission ("SEC"), as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at www.sec.gov. To obtain information on Forms N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

On July 31, 2020, Franklin Resources, Inc. ("Franklin Resources") acquired Legg Mason, Inc. ("Legg Mason") in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC, previously a wholly owned-subsidiary of Legg Mason, became a wholly-owned subsidiary of Franklin Resources.

Western Asset Variable Rate Strategic Fund Inc., a non-diversified closed-end investment management company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Franklin Resources and is sub-advised by Western Asset Management Company and Western Asset Management Company Limited, affiliates of the investment manager.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund's web site at www.lmcef.com. Hard copies of the Fund's complete audited financial statements are available free of charge upon request.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Category: Financials

Source: Franklin Resources, Inc.

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CONTACT: Media: Fund Investor Services 1-888-777-0102