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) December 1, 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 7.01 Regulation FD Disclosure.

On December 1, 2005, Salomon Brothers Variable Rate Strategic Fund Inc. (the “Fund”) issued a press release stating that the Fund’s shareholders have not yet approved the new investment management contract between the Fund and its investment adviser or the new sub-advisory contract and that the Board has approved an interim investment management contract between the Fund and its investment adviser and an interim sub-advisory contract.

Exhibit 99.1 is a copy of the press release. The press release is being furnished pursuant to Item 7.01 of this Current Report on Form 8-K, and the information contained in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under Section 18. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Fund under the Securities Act of 1933, as amended.

Item 9. 01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit Number
99.1	Salomon Brothers Variable Rate Strategic Fund Inc. press release, dated December 1, 2005.

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: December 1, 2005	/s/ Thomas C. Mandia (Signature) Name: Thomas C. Mandia Title: Assistant Secretary

EXHIBIT INDEX

Exhibit Number
99.1	Press release of the Fund, dated December 1, 2005.

EX-99.1

Exhibit 99.1

CAM Closed-End Funds: 3 Funds Announce Board Approval of Interim Investment

Management Contracts

Salomon Brothers Inflation Management Fund Inc.

Salomon Brothers Municipal Partners Fund Inc.

and

Salomon Brothers Variable Rate Strategic Fund Inc.

NEW YORK – (Business Wire) – December 1, 2005

On December 1, 2005, Citigroup Inc. (“Citigroup”) announced that it had completed the sale of substantially all of its asset management business, Citigroup Asset Management (“CAM”), to Legg Mason, Inc. (“Legg Mason”). As a result, the Fund’s investment adviser (the “Manager”), previously an indirect wholly-owned subsidiary of Citigroup, has become a wholly-owned subsidiary of Legg Mason.

Completion of the sale caused the Fund’s existing investment management contract (and existing sub-advisory contract, if applicable) to terminate. As of December 1, 2005, the Fund’s shareholders had not yet approved the new investment management contract (and new sub-advisory contract, if applicable). As a result, the Fund’s Board has approved an interim investment management contract (and interim sub-advisory contract, if applicable) with the Manager to ensure that the Fund’s assets continue to be managed without interruption. If a new management contract (or new sub-advisory contract) is not approved by April 30, 2006, the interim management contract (or interim sub-advisory contract) will terminate on that date. Management fees (including sub-advisory fees, if applicable) will be held in escrow and not paid to the Manager until shareholders approve the new management contract with the Manager (and approve the new sub-advisory contract, if applicable). If the shareholders do not approve the contracts, as applicable, the management fees held in escrow will be disbursed in accordance with applicable law.

Legg Mason’s sole business is asset management, with on-the-ground management capabilities located around the world and assets under management as of October 31, 2005 aggregating approximately $830 billion (including the combined assets of Legg Mason and Permal plus approximately $400 billion in managed assets acquired from Citigroup).

Under a licensing agreement between Citigroup and Legg Mason, the name of the Fund, and the names of investment advisers of the Fund, as well as all logos, trademarks and service marks related to Citigroup or any of its affiliates (“Citi Marks”) are licensed for use by Legg Mason and by the Fund. Citi Marks include, but are not limited to, “Salomon Brothers,” “Citi,” and “Citigroup Asset Management.” Legg Mason and its affiliates, as well as the Manager, are not affiliated with Citigroup. All Citi Marks are owned by Citigroup, and are licensed for use until no later than one year after the date of the licensing agreement.

Legg Mason, Inc. is a global asset management firm, structured as a holding company. The firm is headquartered in Baltimore, Maryland.

Symbols:         GFY, IMF, MNP

Contact:	Brenda Grandell
	Director, Closed-End Funds
	Citigroup Asset Management
	212-291-3775
Media Relations:	Mary Athridge
	Media Relations
	Citigroup Asset Management
	212-559-0104