<PAGE> PAGE 1
000 B000000 12/31/95
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 E010200 N
070 E020200 N
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070 G020200 N
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070 H020200 N
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070 I020200 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 1
[NAME] INCOME AND GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 24,541,570
[INVESTMENTS-AT-VALUE] 29,784,044
[RECEIVABLES] 71,897
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 29,856,624
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 74,579
[TOTAL-LIABILITIES] 74,579
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24,537,264
[SHARES-COMMON-STOCK] 1,954,464
[SHARES-COMMON-PRIOR] 1,802,421
[ACCUMULATED-NII-CURRENT] 2,291
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 46
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,242,474
[NET-ASSETS] 29,782,045
[DIVIDEND-INCOME] 873,783
[INTEREST-INCOME] 146,061
[OTHER-INCOME] 0
[EXPENSES-NET] 222,258
[NET-INVESTMENT-INCOME] 797,586
[REALIZED-GAINS-CURRENT] 1,668,197
[APPREC-INCREASE-CURRENT] 4,535,318
[NET-CHANGE-FROM-OPS] 7,001,101
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 795,426
[DISTRIBUTIONS-OF-GAINS] 1,680,874
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 15,292
[NUMBER-OF-SHARES-REDEEMED] (330,477)
[SHARES-REINVESTED] 163,142
[NET-CHANGE-IN-ASSETS] 2,298,065
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 172,705
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 222,258
[AVERAGE-NET-ASSETS] 28,788,543
[PER-SHARE-NAV-BEGIN] 13.05
[PER-SHARE-NII] 0.45
[PER-SHARE-GAIN-APPREC] 0.94
[PER-SHARE-DIVIDEND] 0.44
[PER-SHARE-DISTRIBUTIONS] 1.38
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.24
[EXPENSE-RATIO] 0.77
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 3
[NAME] RESERVE ACCOUNT PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 2,206,858
[INVESTMENTS-AT-VALUE] 2,266,644
[RECEIVABLES] 48,168
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 2,324,414
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,743
[TOTAL-LIABILITIES] 11,743
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,252,695
[SHARES-COMMON-STOCK] 182
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 123,590
[OVERDISTRIBUTION-NII] (156)
[ACCUMULATED-NET-GAINS] 164
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 59,786
[NET-ASSETS] 2,312,671
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 147,722
[OTHER-INCOME] 0
[EXPENSES-NET] 25,725
[NET-INVESTMENT-INCOME] 121,997
[REALIZED-GAINS-CURRENT] 9,219
[APPREC-INCREASE-CURRENT] 66,127
[NET-CHANGE-FROM-OPS] 197,343
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (123,746)
[DISTRIBUTIONS-OF-GAINS] (9,058)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 361,578
[NUMBER-OF-SHARES-REDEEMED] (773,814)
[SHARES-REINVESTED] 132,804
[NET-CHANGE-IN-ASSETS] (214,893)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 00
[GROSS-ADVISORY-FEES] 10,598
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 15,127
[AVERAGE-NET-ASSETS] 2,354,226
[PER-SHARE-NAV-BEGIN] 12.39
[PER-SHARE-NII] 0.11
[PER-SHARE-GAIN-APPREC] 0.38
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.77)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.71
[EXPENSE-RATIO] 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 3
[NAME] US GOVERNMENT PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 4,449,829
[INVESTMENTS-AT-VALUE] 4,822,177
[RECEIVABLES] 44,874
[ASSETS-OTHER] 43
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,875,379
[PAYABLE-FOR-SECURITIES] 19,852
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 19,852
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 356
[SHARES-COMMON-STOCK] 4,521,249
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 313,405
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,766
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 372,348
[NET-ASSETS] 4,855,527
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 356,059
[OTHER-INCOME] 0
[EXPENSES-NET] 42,654
[NET-INVESTMENT-INCOME] 313,405
[REALIZED-GAINS-CURRENT] 1,765
[APPREC-INCREASE-CURRENT] 462,218
[NET-CHANGE-FROM-OPS] 777,388
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (313,396)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 16,901
[NUMBER-OF-SHARES-REDEEMED] (72,806)
[SHARES-REINVESTED] 22,959
[NET-CHANGE-IN-ASSETS] (32,946)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 22,181
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 20,475
[AVERAGE-NET-ASSETS] 4,928,187
[PER-SHARE-NAV-BEGIN] 12.48
[PER-SHARE-NII] 0.83
[PER-SHARE-GAIN-APPREC] 1.31
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.94)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.66
[EXPENSE-RATIO] 0.87
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>