CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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Western Asset Variable Rate Strategic Fund (GFY)

Taxable Bond Funds - Multisector Bond Funds

Data as of Dec. 14, 2018
Market Price $15.70 (- $0.01)
NAV (Dec. 14, 2018) $17.79 (- $0.01)
Premium / Discount -11.75% (-0.01%)
Fund Info
Inception Oct. 27, 2004
Sponsor Legg Mason Partners Fund Advisors
Website https://www.leggmason....
Phone 1-888-777-0102
Objective: High current income; variable rate instruments of U.S. and non-U.S
Capital & Leverage
Outstanding Shares 4,668,407
Total Assets (Reported: Sept. 30, 2018) $109M
Estimated Total Assets $83M
Net Assets $83M
Market Cap $73M
Purchases Turnover 25.00%
Sales Turnover 31.26%
Total Leverage 21.90%
Structural Leverage (out of total) 0.00%
Portfolio Leverage (out of total) 100.00%
Expense Ratio 2.06%
Non Lev Exp Ratio 1.29%
Rel Lev Cost 2.73%
Discount Data
Average Discount (3 Yr) -8.22%
Discount Low(3 Yr) -13.83%
Discount High(3 Yr) -4.89%
Discount Rel Range 23.26%
Comp Discount -8.99
Discount St Dev (1Yr) 2.01
Z-Stat (6mo) -0.87
Z-Stat (1Yr) -1.41
Z-Stat (3Yr) -2.09
Comp Z-Stat (6mo) 0.44
Comp Z-Stat (3Yr) -1.22
Distribution Data
Market Yield 5.92%
Income Yield 5.63%
Lev Adj NAV Yield 4.29%
Distribution Frequency M
Current Distribution $0.078
Current Income $0.074
Ex-Date 12/20/18
Payable Date 12/31/18
Div Growth (3yr) 0.00%
Dividend Change 6.9% on 8/17/15
Expected Div 2/14/19
RoC (1yr) 13.28%
RoC (3yr) 10.10%
Tax Dividend Data 2017 2015 - 2017
Income 100% 84.9%
ST Gains 0% 0%
QDI 0% 5.6%
LT Gains 0% 0%
RoC 0% 15.1%
Volume & Liquidity
Average Daily $ (M) $160
Avg Volume 30 day 13,068
Avg Volume 90 day 10,202
Volume Trend 28.09%
Comp Volume Trend 14.52%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's Multisector Bond Fund Index
Most Correlated Peer (Mk Pr): GOF 48.0%
NAV - Price Correlation (30 d) -13.1%
NAV - Price Correlation (90 d) 73.1%
NAV - Price Correlation (1 Yr) 87.7%
Price St Dev (1Yr) 8.2%
NAV St Dev (1Yr) 2.0%
Earnings / Share (9/30/18) $0.074
Earn Coverage 95.87%
Earnings Trend Up
UNII / Share (9/30/18) $0.022
Rel UNII 2.49
UNII Trend Up
Bond Specific Data
Maturity 5.48
Duration 1.41
Credit Rating (rbo) BBB
Investment Grade 65.60%
Non Investment Grade 20.60%
Unrated Bonds 13.80%
NAV Beta (2yr)
vs. S&P 500 (TR)
NAV Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
NAV Beta (2yr)
vs. CEFA's Multisector Bond Fund Index


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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