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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
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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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<PAGE> PAGE 16
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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] 6-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 11,023,485
[INVESTMENTS-AT-VALUE] 15,611,000
[RECEIVABLES] 17,804
[ASSETS-OTHER] 172
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 15,628,976
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,114
[TOTAL-LIABILITIES] 22,114
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 9,025,282
[SHARES-COMMON-STOCK] 1,131,315
[SHARES-COMMON-PRIOR] 939,010
[ACCUMULATED-NII-CURRENT] 130,866
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,863,199
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 4,587,515
[NET-ASSETS] 15,606,862
[DIVIDEND-INCOME] 175,711
[INTEREST-INCOME] 7,814
[OTHER-INCOME] (963)
[EXPENSES-NET] 61,546
[NET-INVESTMENT-INCOME] 121,016
[REALIZED-GAINS-CURRENT] 1,872,364
[APPREC-INCREASE-CURRENT] (264,369)
[NET-CHANGE-FROM-OPS] 1,607,995
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 396,097
[DISTRIBUTIONS-OF-GAINS] 4,050,125
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,812
[NUMBER-OF-SHARES-REDEEMED] 137,464
[SHARES-REINVESTED] 321,957
[NET-CHANGE-IN-ASSETS] (629,103)
[ACCUMULATED-NII-PRIOR] 405,947
[ACCUMULATED-GAINS-PRIOR] 4,040,960
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 46,937
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 61,546
[AVERAGE-NET-ASSETS] 15,770,418
[PER-SHARE-NAV-BEGIN] 17.29
[PER-SHARE-NII] 00.17
[PER-SHARE-GAIN-APPREC] 01.81
[PER-SHARE-DIVIDEND] 00.49
[PER-SHARE-DISTRIBUTIONS] 04.98
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.80
[EXPENSE-RATIO] 00.79
[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 ACCOUNT PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 51,466
[ASSETS-OTHER] 26,926
[OTHER-ITEMS-ASSETS] 38
[TOTAL-ASSETS] 78,430
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3,075
[TOTAL-LIABILITIES] 3,075
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 77,617
[SHARES-COMMON-STOCK] 10,195
[SHARES-COMMON-PRIOR] 12,593
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 2,262
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 75,355
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 442
[NET-INVESTMENT-INCOME] (442)
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] (442)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,677
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 2,761
[SHARES-REINVESTED] 363
[NET-CHANGE-IN-ASSETS] (21,623)
[ACCUMULATED-NII-PRIOR] 857
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 0
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 9,578
[AVERAGE-NET-ASSETS] 89,220
[PER-SHARE-NAV-BEGIN] 7.70
[PER-SHARE-NII] (0.04)
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0.27
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 7.39
[EXPENSE-RATIO] 1.00
[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/HIGH QUALITY SECURITIES PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 234,000
[INVESTMENTS-AT-VALUE] 234,000
[RECEIVABLES] 14,400
[ASSETS-OTHER] 787,711
[OTHER-ITEMS-ASSETS] 80
[TOTAL-ASSETS] 1,036,191
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,237
[TOTAL-LIABILITIES] 1,237
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,035,021
[SHARES-COMMON-STOCK] 99,607
[SHARES-COMMON-PRIOR] 127,737
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (64)
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 3
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 1,034,954
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 8,531
[OTHER-INCOME] 0
[EXPENSES-NET] 6,764
[NET-INVESTMENT-INCOME] 1,767
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 1,767
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 90,126
[DISTRIBUTIONS-OF-GAINS] 104,745
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 22,696
[NUMBER-OF-SHARES-REDEEMED] 59,501
[SHARES-REINVESTED] 8,675
[NET-CHANGE-IN-ASSETS] (582,211)
[ACCUMULATED-NII-PRIOR] 88,295
[ACCUMULATED-GAINS-PRIOR] 104,742
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,044
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,923
[AVERAGE-NET-ASSETS] 1,364,547
[PER-SHARE-NAV-BEGIN] 12.66
[PER-SHARE-NII] 00.02
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 01.06
[PER-SHARE-DISTRIBUTIONS] 01.23
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.39
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
