<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 808244
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY VARIABLE ACCOUNT FUNDS.
001 B000000 811-4959
001 C000000 2128166550
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 VARIABLE INCOME AND GROWTH
007 C030100 N
007 C010200 2
007 C020200 VARIABLE RESERVE
007 C030200 N
007 C010300 3
007 C020300 VARIABLE US GOVERNMENT
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SMITH BARNEY
008 B00AA01 A
008 C00AA01 801-3389
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10013
010 A00AA01 SMITH BARNEY
010 B00AA01 801-14437
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10013
011 A00AA01 SMITH BARNEY
011 B00AA01 8-81777
<PAGE> PAGE 2
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10013
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
012 B00AA01 85-000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02104
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10154
015 A00AA01 PNC BANK
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19103
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 127
019 C00AA00 BARNEY0000
020 A000001 SMITH BARNEY
020 B000001 13-1912900
020 C000001 16
020 A000002 SCHRODER WERTHEIM
020 B000002 N/A
020 C000002 6
020 A000003 BERNSTEIN
020 B000003 N/A
020 C000003 6
020 A000004 ATRANET
020 B000004 N/A
020 C000004 4
020 A000005 INTERSTATE GRP
020 B000005 N/A
020 C000005 3
020 A000006 SALOMON
020 B000006 N/A
020 C000006 2
020 A000007 CJL
020 B000007 N/A
020 C000007 2
020 A000008 ALPHA EQUITY RSCH
020 B000008 N/A
020 C000008 2
020 A000009 GOLDMAN SACHS
020 B000009 13-5108880
020 C000009 2
020 A000010 O'NEIL DATABAES
020 B000010 N/A
<PAGE> PAGE 3
020 C000010 1
021 000000 44
022 A000001 CHASE SECURITIES
022 B000001 13-3112953
022 C000001 247876
022 D000001 0
022 A000002 CHEMICAL SECURITIES
022 B000002 13-5227302
022 C000002 70981
022 D000002 0
022 A000003 CITICORP
022 B000003 N/A
022 C000003 28632
022 D000003 0
022 A000004 CITIBANK
022 B000004 13-5266470
022 C000004 28039
022 D000004 0
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 1600
022 D000005 0
022 A000006 DEAN WITTER REYNOLDS
022 B000006 N/A
022 C000006 0
022 D000006 1377
022 A000007 MORGAN STANTLEY
022 B000007 13-2655998
022 C000007 507
022 D000007 729
022 A000008 PAINE WEBBER
022 B000008 13-2638166
022 C000008 274
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 377909
023 D000000 2106
027 000000 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 N
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1500
077 A000000 N
<PAGE> PAGE 4
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 78275
081 A00AA00 Y
081 B00AA00 127
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 17
028 A020100 692
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 2305
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 4468
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 1848
028 D030100 0
028 D040100 0
028 E010100 80
028 E020100 1323
028 E030100 0
028 E040100 0
028 F010100 184
028 F020100 14192
028 F030100 0
028 F040100 5107
028 G010100 281
028 G020100 24828
<PAGE> PAGE 5
028 G030100 0
028 G040100 5107
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
035 000100 0
036 B000100 0
038 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.450
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 5.9
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
<PAGE> PAGE 6
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 94.1
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 E000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 7
071 A000100 7737
071 B000100 21489
071 C000100 26245
071 D000100 30
072 A000100 12
072 B000100 93
072 C000100 764
072 D000100 0
072 E000100 0
072 F000100 165
072 G000100 0
072 H000100 0
072 I000100 8
072 J000100 4
072 K000100 0
072 L000100 0
072 M000100 8
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 204
072 Y000100 0
072 Z000100 653
072AA000100 4888
072BB000100 0
072CC010100 0
072CC020100 505
072DD010100 636
072DD020100 0
072EE000100 3677
073 A010100 0.5600
073 A020100 0.0000
073 B000100 3.2400
073 C000100 0.0000
074 A000100 0
074 B000100 1229
074 C000100 0
074 D000100 388
074 E000100 419
074 F000100 19112
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
<PAGE> PAGE 8
074 K000100 0
074 L000100 4
074 M000100 33
074 N000100 21185
074 O000100 302
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 71
074 S000100 0
074 T000100 20812
074 U010100 1417
074 U020100 0
074 V010100 14.69
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
075 A000100 0
075 B000100 27384
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 85
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 178
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 48
028 D010200 2
028 D020200 0
028 D030200 0
028 D040200 18
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 3
028 F010200 0
028 F020200 65
028 F030200 0
028 F040200 3
028 G010200 2
028 G020200 65
028 G030200 0
028 G040200 335
<PAGE> PAGE 9
028 H000200 2
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.450
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 N
062 B000200 0.0
<PAGE> PAGE 10
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
<PAGE> PAGE 11
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 1742
071 C000200 746
071 D000200 0
072 A000200 12
072 B000200 78
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 6
072 G000200 0
072 H000200 0
072 I000200 8
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 2
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 8
072 S000200 2
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 26
072 Y000200 13
072 Z000200 65
072AA000200 28
072BB000200 0
072CC010200 0
072CC020200 60
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 1.9200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 422
074 B000200 0
<PAGE> PAGE 12
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 33
074 N000200 455
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 20
074 S000200 0
074 T000200 435
074 U010200 40
074 U020200 0
074 V010200 10.99
074 V020200 0.00
074 W000200 0.0000
074 X000200 0
074 Y000200 0
075 A000200 0
075 B000200 746
076 000200 0.00
028 A010300 65
028 A020300 0
028 A030300 0
028 A040300 34
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 391
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 145
028 D010300 22
028 D020300 0
028 D030300 0
028 D040300 496
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 181
<PAGE> PAGE 13
028 F010300 249
028 F020300 0
028 F030300 0
028 F040300 178
028 G010300 336
028 G020300 0
028 G030300 0
028 G040300 1425
028 H000300 336
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.450
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
<PAGE> PAGE 14
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 13.9
062 M000300 16.2
062 N000300 60.0
062 O000300 0.0
062 P000300 8.8
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 14.7
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
<PAGE> PAGE 15
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 507
071 B000300 1668
071 C000300 3885
071 D000300 13
072 A000300 12
072 B000300 288
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 18
072 G000300 0
072 H000300 0
072 I000300 7
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 2
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 8
072 S000300 2
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 39
072 Y000300 0
072 Z000300 249
072AA000300 145
072BB000300 0
072CC010300 0
072CC020300 289
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 1.9200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 15
074 B000300 0
<PAGE> PAGE 16
074 C000300 401
074 D000300 2445
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 26
074 M000300 0
074 N000300 2887
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 11
074 S000300 0
074 T000300 2876
074 U010300 223
074 U020300 0
074 V010300 12.90
074 V020300 0.00
074 W000300 0.0000
074 X000300 1
074 Y000300 0
075 A000300 0
075 B000300 3957
076 000300 0.00
SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 1
[NAME] INCOME AND GROWTH
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 16,409,993
[INVESTMENTS-AT-VALUE] 21,147,869
[RECEIVABLES] 36,727
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 525
[TOTAL-ASSETS] 21,185,121
[PAYABLE-FOR-SECURITIES] 301,850
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 71,466
[TOTAL-LIABILITIES] 373,316
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 14,842,746
[SHARES-COMMON-STOCK] 1,416,734
[SHARES-COMMON-PRIOR] 1,954,464
[ACCUMULATED-NII-CURRENT] 20,359
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,210,824
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 4,737,876
[NET-ASSETS] 20,811,805
[DIVIDEND-INCOME] 763,758
[INTEREST-INCOME] 93,456
[OTHER-INCOME] 0
[EXPENSES-NET] 203,603
[NET-INVESTMENT-INCOME] 653,611
[REALIZED-GAINS-CURRENT] 4,887,988
[APPREC-INCREASE-CURRENT] (504,598)
[NET-CHANGE-FROM-OPS] 5,037,001
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 635,559
[DISTRIBUTIONS-OF-GAINS] 3,677,164
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 184,240
[NUMBER-OF-SHARES-REDEEMED] 14,190,110
[SHARES-REINVESTED] 4,311,352
[NET-CHANGE-IN-ASSETS] (8,970,240)
[ACCUMULATED-NII-PRIOR] 2,307
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 164,890
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 203,603
[AVERAGE-NET-ASSETS] 27,384,360
[PER-SHARE-NAV-BEGIN] 15.24
[PER-SHARE-NII] 00.57
[PER-SHARE-GAIN-APPREC] 02.68
[PER-SHARE-DIVIDEND] 00.56
[PER-SHARE-DISTRIBUTIONS] 03.24
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.69
[EXPENSE-RATIO] 00.74
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000808244
[NAME] SMITH BARNEY VARIABLE ACCOUNT FUNDS
[SERIES]
[NUMBER] 2
[NAME] RESERVE
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 26,850
[ASSETS-OTHER] 422,320
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 449,170
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 14,630
[TOTAL-LIABILITIES] 14,630
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 406,798
[SHARES-COMMON-STOCK] 434,540
[SHARES-COMMON-PRIOR] 180,185
[ACCUMULATED-NII-CURRENT] 64,641
[OVERDISTRIBUTION-NII] 140
[ACCUMULATED-NET-GAINS] 27,882
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 434,540
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 77,606
[OTHER-INCOME] 0
[EXPENSES-NET] 12,965
[NET-INVESTMENT-INCOME] 64,641
[REALIZED-GAINS-CURRENT] 27,718
[APPREC-INCREASE-CURRENT] (59,786)
[NET-CHANGE-FROM-OPS] (32,068)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 313,396
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 20,010
[NUMBER-OF-SHARES-REDEEMED] 168,547
[SHARES-REINVESTED] 5,881
[NET-CHANGE-IN-ASSETS] (1,880,943)
[ACCUMULATED-NII-PRIOR] 124,809
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 156
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 5,864
[INTEREST-EXPENSE] 7,101
[GROSS-EXPENSE] 12,965
[AVERAGE-NET-ASSETS] 1,298,421
[PER-SHARE-NAV-BEGIN] 12.71
[PER-SHARE-NII] 01.92
[PER-SHARE-GAIN-APPREC] (1.72)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (01.92)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.99
[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] U.S. GOVERNMENT
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 2,762,157
[INVESTMENTS-AT-VALUE] 2,845,626
[RECEIVABLES] 26,267
[ASSETS-OTHER] 14,800
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 2,886,693
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 10,513
[TOTAL-LIABILITIES] 10,513
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,685,189
[SHARES-COMMON-STOCK] 222,969
[SHARES-COMMON-PRIOR] 355,506
[ACCUMULATED-NII-CURRENT] 249,354
[OVERDISTRIBUTION-NII] 717
[ACCUMULATED-NET-GAINS] 106,805
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 83,469
[NET-ASSETS] 2,876,180
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 288,212
[OTHER-INCOME] 0
[EXPENSES-NET] 38,858
[NET-INVESTMENT-INCOME] 249,354
[REALIZED-GAINS-CURRENT] 145,254
[APPREC-INCREASE-CURRENT] (288,879)
[NET-CHANGE-FROM-OPS] 105,729
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 248,660
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,349
[NUMBER-OF-SHARES-REDEEMED] 158,102
[SHARES-REINVESTED] 19,216
[NET-CHANGE-IN-ASSETS] (1,979,347)
[ACCUMULATED-NII-PRIOR] 313,405
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 23
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 17,828
[INTEREST-EXPENSE] 21,030
[GROSS-EXPENSE] 38,858
[AVERAGE-NET-ASSETS] 3,957,221
[PER-SHARE-NAV-BEGIN] 13.66
[PER-SHARE-NII] 01.22
[PER-SHARE-GAIN-APPREC] (00.76)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.22
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.90
[EXPENSE-RATIO] 00.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
