Independent Auditors' Consent
To the Shareholders and Trustees of
Smith Barney Variable Account Funds:
We consent to the use of our report dated February 12, 1997 with respect to
the Income and Growth, U.S. Government/High Quality Securities and the
Reserve Account Portfolios of Smith Barney Variable Account Funds
incorporated herein by reference and to the references to our Firm under the
headings "Financial Highlights" in the Prospectus and "Independent Auditors"
in the Statement of Additional Information.
KPMG Peat Marwick LLP
New York, New York
April 25, 1997
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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