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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
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<PAGE> PAGE 9
070 B020200 N
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY
[SERIES]
[NUMBER] 1
[NAME] VARIABLE INCOME AND GROWTH
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 23,498,437
[INVESTMENTS-AT-VALUE] 30,068,849
[RECEIVABLES] 60,638
[ASSETS-OTHER] 204
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 30,129,691
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 74,723
[TOTAL-LIABILITIES] 74,723
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 22,299,963
[SHARES-COMMON-STOCK] 1,813,507
[SHARES-COMMON-PRIOR] 1,954,464
[ACCUMULATED-NII-CURRENT] 352,635
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 831,158
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,570,412
[NET-ASSETS] 30,054,968
[DIVIDEND-INCOME] 417,021
[INTEREST-INCOME] 51,052
[OTHER-INCOME] (2,023)
[EXPENSES-NET] 115,722
[NET-INVESTMENT-INCOME] 350,328
[REALIZED-GAINS-CURRENT] 831,958
[APPREC-INCREASE-CURRENT] 1,327,938
[NET-CHANGE-FROM-OPS] 2,510,224
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,277
[NUMBER-OF-SHARES-REDEEMED] (146,234)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 272,923
[ACCUMULATED-NII-PRIOR] 2,307
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 90,008
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 115,722
[AVERAGE-NET-ASSETS] 30,094,365
[PER-SHARE-NAV-BEGIN] 15.24
[PER-SHARE-NII] 00.19
[PER-SHARE-GAIN-APPREC] 01.14
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.57
[EXPENSE-RATIO] 00.77
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 2
[NAME] VARIABLE RESERVE
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 631,047
[INVESTMENTS-AT-VALUE] 654,180
[RECEIVABLES] 13,881
[ASSETS-OTHER] 116,293
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 784,354
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 18,677
[TOTAL-LIABILITIES] 18,677
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 59
[SHARES-COMMON-STOCK] 675,687
[SHARES-COMMON-PRIOR] 2,255,689
[ACCUMULATED-NII-CURRENT] 60,182
[OVERDISTRIBUTION-NII] 60,026
[ACCUMULATED-NET-GAINS] 6,608
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 23,133
[NET-ASSETS] 756,677
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 70,518
[OTHER-INCOME] 0
[EXPENSES-NET] 10,336
[NET-INVESTMENT-INCOME] 60,182
[REALIZED-GAINS-CURRENT] 6,608
[APPREC-INCREASE-CURRENT] 23,133
[NET-CHANGE-FROM-OPS] 30,137
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 19,859
[NUMBER-OF-SHARES-REDEEMED] 142,659
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (1,549,806)
[ACCUMULATED-NII-PRIOR] 124,809
[ACCUMULATED-GAINS-PRIOR] 9,219
[OVERDISTRIB-NII-PRIOR] (156)
[OVERDIST-NET-GAINS-PRIOR] 161
[GROSS-ADVISORY-FEES] 4,681
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,336
[AVERAGE-NET-ASSETS] 2,084,200
[PER-SHARE-NAV-BEGIN] 12.71
[PER-SHARE-NII] 00.42
[PER-SHARE-GAIN-APPREC] (0.24)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.89
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 3
[NAME] VARIABLE US GOVERNMENT
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 3,597,248
[INVESTMENTS-AT-VALUE] 3,737,135
[RECEIVABLES] 33,517
[ASSETS-OTHER] 303,144
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,073,796
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,264
[TOTAL-LIABILITIES] 11,264
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 301
[SHARES-COMMON-STOCK] 3,775,288
[SHARES-COMMON-PRIOR] 4,521,605
[ACCUMULATED-NII-CURRENT] 134,583
[OVERDISTRIBUTION-NII] (134,606)
[ACCUMULATED-NET-GAINS] 12,450
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 139,887
[NET-ASSETS] 4,062,532
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 154,965
[OTHER-INCOME] 0
[EXPENSES-NET] 20,382
[NET-INVESTMENT-INCOME] 134,583
[REALIZED-GAINS-CURRENT] 50,899
[APPREC-INCREASE-CURRENT] (232,461)
[NET-CHANGE-FROM-OPS] (46,979)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 55,034
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (792,995)
[ACCUMULATED-NII-PRIOR] 313,405
[ACCUMULATED-GAINS-PRIOR] 1,765
[OVERDISTRIB-NII-PRIOR] 23
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,766
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 20,382
[AVERAGE-NET-ASSETS] 4,385,569
[PER-SHARE-NAV-BEGIN] 13.66
[PER-SHARE-NII] 00.42
[PER-SHARE-GAIN-APPREC] (0.56)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.52
[EXPENSE-RATIO] 00.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
