Form 8-K

0001145549-18-009249.txt : 20181212 0001145549-18-009249.hdr.sgml : 20181212 20181212111332 ACCESSION NUMBER: 0001145549-18-009249 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181212 DATE AS OF CHANGE: 20181212 EFFECTIVENESS DATE: 20181212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN ASSET VARIABLE RATE STRATEGIC FUND INC. CENTRAL INDEX KEY: 0001299393 IRS NUMBER: 510522808 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21609 FILM NUMBER: 181230308 BUSINESS ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 888-777-0102 MAIL ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: Salomon Brothers Variable Rate Strategic Fund Inc. DATE OF NAME CHANGE: 20040903 FORMER COMPANY: FORMER CONFORMED NAME: Salomon Brothers Floating Rate Strategic Fund Inc. DATE OF NAME CHANGE: 20040803 N-CEN 1 primary_doc.xml X0101 N-CEN LIVE 0001299393 XXXXXXXX false false false N-2 Western Asset Variable Rate Strategic Fund Inc. 811-21609 0001299393 549300X81BNRSZYKAG98 620 EIGHTH AVE 49th FLOOR New York 10018 US-NY US 1-888-777-0102 The Bank of New York Mellon 240 Greenwich St. New York 10286 1-212-495-1784 Records related to its function as custodian. Western Asset Management Company Pte. Ltd. 620 Eighth Avenue 50th Floor New York 10018 1-212-601-6000 Records related to its function as sub-advisor. Western Asset Management Company Limited 620 Eighth Avenue 50th Floor New York 10018 1-212-601-6000 Records related to its function as sub-advisor. Legg Mason Partners Fund Advisor, LLC 620 Eighth Avenue 47th Floor New York 10018 1-305-529-4400 Records related to its function as investment advisor. Western Asset Management Company, LLC 620 Eighth Avenue 50th Floor New York 10018 1-212-601-6000 Records related to its function as sub-advisor. Western Asset Variable Rate Strategic Fund Inc. 620 Eighth Avenue 49th Floor New York 10018 1-888-777-0102 Records related to its function as registrant. Computershare lnc. 462 South 4th Street Suite 1600 Louisville 40202 1-201-680-6693 Records related to its function as transfer agent. Y N N-2 N Daniel P. Cronin N/A N Leslie H. Gelb N/A N Paolo M. Cucchi N/A N Riordan Roett N/A N Robert D. Agdern N/A N William R. Hutchinson N/A N Carol L. Colman N/A N Eileen A. Kamerick N/A N Jane Trust N/A Y Todd F. Kuehl N/A 100 International Drive 9th Floor Baltimore 21202 XXXXXX N N N N N N N N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N Western Asset Variable Rate Strategic Fund Inc. 549300X81BNRSZYKAG98 Y 0 0 0 N/A Y N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) N N N N Legg Mason Partners Fund Advisor, LLC 801-66785 000140432 N/A N Western Asset Management Company Pte. Ltd. (Singapore) 801-67298 000142188 549300GGQQAH8OMMCX51 Y SG N Western Asset Management Company Limited 801-21068 000110427 549300IVCLHPHPOYT226 Y GB N Western Asset Management Company, LLC 801-08162 000110441 549300C5A561UXUICN46 Y N Computershare Inc. 084-05925 254900Y7PP3ZED9AUY94 N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg Inc. 549300RMUDWPHCUQNE66 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Reuters LPC N/A N ICE(BAML) N/A N WM/Reuters via ICE N/A N ITG N/A N Clearing House N/A N Markit N/A N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y Computershare Trust Company, National Association 2549001YYB62BVMSAO13 N N N Legg Mason Partners Fund Advisor, LLC N/A Y N N Legg Mason Investors Services, LLC 008-53089 000109064 N/A 0.000000000000 Clarion Partners Securities, LLC 008-69204 000166384 N/A 0.000000000000 EnTrustPermal Securities LLC 008-67822 000146443 N/A 0.000000000000 PERMAL (HONG KONG) LIMITED N/A N/A N/A HK 0.000000000000 ROYCE FUND SERVICES, LLC 008-28663 000014470 N/A 0.000000000000 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 008-33359 000016139 549300PMHS66E71I2D34 45.000000000000 R.J. O'Brien Securities, LLC 008-67587 000143624 549300BSZNPQJNYIAD03 45.000000000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 11.000000000000 CITIGROUP GLOBAL MARKETS, INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 32.000000000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 45.000000000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 3922.000000000000 4100.000000000000 T. ROWE PRICE INVESTMENT SERVICES, INC. 008-25130 000008348 549300G1KHUY9LO6U864 15975868.000000000000 BARCLAYS CAPITAL, INC. 008-41342 000019714 AC28XWWI3WIBK2824319 52524064.000000000000 State Street Bank & Trust Co. 008-44744 000030107 571474TGEMMWANRLN572 23456139.000000000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 43815193.000000000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 5170643.000000000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 19545030.000000000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 56520232.000000000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 5060276.000000000000 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 4936692.000000000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 4278201.000000000000 244267434.380000000000 N 85493484.000000000000 0.000000000000 Common stock Common N N N N N N 0.970000000000 2.050000000000 16.400000000000 18.190000000000 true INTERNAL CONTROL RPT 2 internalcontrolrpt_62.htm Form 8-K

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Western Asset Variable Rate Strategic Fund Inc.

In planning and performing our audit of the financial statements of Western Asset Variable Rate Strategic Fund Inc. (the “Fund”) as of and for the year ended September 30, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund’s internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, MD 21202-1096

T: (410) 783 7600, F: (410) 783 7680, www.pwc.com/us

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of September 30, 2018.

This report is intended solely for the information and use of the Board of Directors of Western Asset Variable Rate Strategic Fund Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

November 20, 2018