8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 21, 2005

Salomon Brothers Variable Rate Strategic Fund Inc.

(Exact name of registrant as specified in its charter)

Maryland	811-21609	51-0522808
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

300 First Stamford Place, 4th Floor, Stamford, CT	06902
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (203) 890-7041

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Salomon Brothers Variable Rate Strategic Fund Inc.

CURRENT REPORT ON FORM 8-K

Item 8.01 Other Events.

On September 21, 2005, Salomon Brothers Variable Rate Strategic Fund Inc. (the “Fund”) issued a press release regarding potential administrative proceedings by the Securities and Exchange Commission against the Fund’s investment adviser and an affiliated adviser relating to disclosure of the source of dividends and distributions paid to shareholders of certain funds.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit Number
99.1	Salomon Brothers Variable Rate Strategic Fund Inc. press release, dated September 21, 2005.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Salomon Brothers Variable Rate Strategic Fund Inc.
	(Registrant)
Date: September 21, 2005	/s/ Thomas C. Mandia
	(Signature)
	Name: Thomas C. Mandia
	Title: Assistant Secretary

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EXHIBIT INDEX

Exhibit Number
99.1	Press release of the Fund, dated September 21, 2005.

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EX-99.1

Exhibit 99.1

Citigroup Closed-End Funds

Issue Statement

NEW YORK - (Business Wire) – September 21, 2005

The following Citigroup closed-end funds - Salomon Brothers Capital and Income Fund Inc., Salomon Brothers Emerging Markets Debt Fund Inc., Salomon Brothers Emerging Markets Floating Rate Fund Inc., Salomon Brothers Emerging Markets Income Fund Inc., Salomon Brothers Emerging Markets Income Fund II Inc., Salomon Brothers Global High Income Fund Inc., Salomon Brothers Global Partners Income Fund Inc., Salomon Brothers Inflation Management Fund Inc., Salomon Brothers Municipal Partners Fund Inc., Salomon Brothers Municipal Partners Fund II Inc., The Salomon Brothers Fund Inc, Salomon Brothers Variable Rate Strategic Fund Inc., Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc., Salomon Brothers Worldwide Income Fund Inc., Citigroup Investments Corporate Loan Fund Inc., Intermediate Muni Fund, Inc., Managed Municipals Portfolio Inc., Municipal High Income Fund Inc., and Real Estate Income Fund Inc. - today issued the following statement:

The Funds have received information from Citigroup Asset Management (“CAM”) concerning Smith Barney Fund Management LLC (“SBFM”) and Salomon Brothers Asset Management Inc (“SBAM”), investment advisory companies that are a part of CAM. The Funds receive investment advisory and administrative services from SBAM or SBFM, as the case may be. The information received from CAM is as follows:

On September 16, 2005, the staff of the Securities and Exchange Commission (the “Commission”) informed SBFM and SBAM that the staff is considering recommending that the Commission institute administrative proceedings against SBFM and SBAM for alleged violations of Section 19(a) and 34(b) of the Investment Company Act (and related Rule 19a-1). The notification is a result of an industry wide inspection by the Commission and is based upon alleged deficiencies in disclosures regarding dividends and distributions paid to shareholders of certain funds. In connection with the contemplated proceedings, the staff may seek a cease and desist order and/or monetary damages from SBFM or SBAM.

SBFM and SBAM are cooperating with the Commission. Although there can be no assurance, SBFM and SBAM believe that these matters are not likely to have a material adverse effect on the funds or their ability to perform their respective investment advisory services relating to the funds.

The Commission staff’s recent notification will not affect the sale by Citigroup Inc. of substantially all of CAM’s worldwide business to Legg Mason, Inc., which Citigroup continues to expect will occur in the fourth quarter of this year.

Symbols: EDF, EFL, EHI, EMD, ESD, GFY, GDF, IMF, MNP, MPT, SBF, SBG, SBW, SCD, MHY, MMU, RIT, SBI, TLI

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Contact:

Mary Athridge

Media Relations

Citigroup Asset Management

212-559-0104

Media Contact:

Bill Golden

Director- Closed-End Funds

Citigroup Asset Management

203-890-7015