GFY Western Asset Variable Rate Strategic Fund Inc

Closed-end funds that are affiliated with Legg Mason, Inc. (“Legg Mason”) and are advised or sub-advised by Western Asset Management have issued manager commentary. The commentary provides the respective portfolio manager’s views on the current market and their outlook for the remainder of 2011.

Portfolio managers from Western Asset Management Company, a Legg Mason affiliate, participated in the live quarterly update on October 26, 2011. The call featured the following speakers:

• Carl Eichstaedt – Portfolio Manager, Market Overview
• Robert Amodeo – Portfolio Manager, Municipals
• Peter Stutz – Portfolio Manager & Research Analyst, Treasury Inflation-Protected Securities (TIPS)
• Ronald Mass – Portfolio Manager, Mortgage-Backed Securities
• Matt Duda – Portfolio Manager, Emerging Markets Debt
• Michael Buchanan – Portfolio Manager, Credit Markets

Investors can access a replay of this call by phone or by visiting our website:

Phone:

      Dial-in number:

USA Toll Free Number:  866-430-8618

  Passcode: 22652069   Entire Call – Option 1 Introduction – Option 2 Carl Eichstaedt – Option 3 Robert Amodeo – Option 4 Peter Stutz – Option 5 Ronald Mass – Option 6 Matt Duda – Option 7 Michael Buchanan – Option 8 Important Disclosures – Option 9  

Web site:

www.leggmason.com/cef

Replay on the Web site will be provided in its entirety and in segments based on individual speakers.

Investment advisory and sub-advisory services are provided by subsidiaries of Legg

Mason, including: Western Asset Management Company and Western Asset Management Company Limited.

Legg Mason affiliates comprise the 6th largest closed-end fund managers in the U.S., with $10.4 billion in assets under management as of September 30, 2011.

All data and commentary provided is for informational purposes only. Legg Mason, Inc. and all of its affiliates do not engage in the sale of shares of the funds.

SYMBOLS:

NYSE: DMO; EHI; EMD; ESD; GDF; GDO; GFY; HIF; HIO; HIX; HYI; IGI; IMF; MHF; MHY; MMU; MNP; MTT; PAI; SBW; SCD; WEA

NYSE Amex: SBI