<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 887428
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 ADJUSTABLE RATE GOV'T INC FUND
001 B000000 811-6663
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 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SMITH BARNEY
008 B000001 A
008 C000001 801-3389
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
010 A000001 SMITH BARNEY
010 B000001 801-14437
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 SMITH BARNEY
011 B000001 8-81777
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
012 A000001 FIRST DATA INVESTOR SERVICES GROUP
012 B000001 84-0000000
012 C010001 BOSTON
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02104
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 PNC BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19103
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 127
019 C000000 BARNEY0000
020 A000001 SMITH BARNEY
020 B000001 13-1912900
020 C000001 19
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 20
022 A000001 PAINE WEBBER
022 B000001 13-2638166
022 C000001 48089
022 D000001 48100
022 A000002 AUBREY LANSTON & CO.
022 B000002 13-5552129
022 C000002 41659
022 D000002 38950
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 22359
022 D000003 43616
022 A000004 SALOMON BROTHERS
022 B000004 12-3082694
022 C000004 32115
022 D000004 14731
022 A000005 SANWA SECURITIES
022 B000005 13-3046258
022 C000005 17008
022 D000005 17032
<PAGE> PAGE 3
022 A000006 BEAR STERNS
022 B000006 13-3299429
022 C000006 25180
022 D000006 7515
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007 6158
022 D000007 20970
022 A000008 FUJI SECURITIES
022 B000008 36-2880742
022 C000008 8099
022 D000008 8100
022 A000009 NIKKO SECURITIES
022 B000009 94-1302123
022 C000009 6848
022 D000009 6850
022 A000010 DONALDSON, LUFKIN JERETTE SECURITIES CO.
022 B000010 13-2741729
022 C000010 10951
022 D000010 2703
023 C000000 218466
023 D000000 208567
027 000000 Y
028 A010000 10084
028 A020000 0
028 A030000 0
028 A040000 20769
028 B010000 11782
028 B020000 1263
028 B030000 0
028 B040000 13151
028 C010000 14031
028 C020000 0
028 C030000 0
028 C040000 11473
028 D010000 8804
028 D020000 1214
028 D030000 0
028 D040000 12911
028 E010000 15188
028 E020000 571
028 E030000 0
028 E040000 20940
028 F010000 13424
028 F020000 0
028 F030000 0
028 F040000 13857
028 G010000 73313
028 G020000 3048
028 G030000 0
028 G040000 93101
<PAGE> PAGE 4
028 H000000 38228
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 Y
035 000000 13
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.600
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
<PAGE> PAGE 5
062 A000000 Y
062 B000000 0.0
062 C000000 2.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.2
062 L000000 0.0
062 M000000 6.4
062 N000000 56.9
062 O000000 0.0
062 P000000 34.5
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 9.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
<PAGE> PAGE 6
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 246159
071 B000000 265444
071 C000000 181808
071 D000000 134
072 A000000 6
072 B000000 4113
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 302
072 G000000 151
072 H000000 0
072 I000000 29
072 J000000 10
072 K000000 0
072 L000000 44
072 M000000 11
072 N000000 18
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 24
072 S000000 2
072 T000000 565
072 U000000 16
072 V000000 0
072 W000000 7
072 X000000 1179
072 Y000000 0
072 Z000000 2934
072AA000000 0
072BB000000 91
072CC010000 1313
072CC020000 0
072DD010000 3799
072DD020000 151
072EE000000 0
073 A010000 0.0027
073 A020000 0.0027
<PAGE> PAGE 7
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 175296
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 280
074 I000000 0
074 J000000 27014
074 K000000 0
074 L000000 0
074 M000000 4053
074 N000000 206643
074 O000000 7043
074 P000000 0
074 Q000000 0
074 R010000 52597
074 R020000 0
074 R030000 0
074 R040000 1832
074 S000000 0
074 T000000 145171
074 U010000 14225
074 U020000 473
074 V010000 9.88
074 V020000 9.86
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 174961
076 000000 0.00
077 A000000 N
SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000887428
[NAME] SMITH BARNEY ADJUSTABLE RATE GOVERNMENT INCOME FUND. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] MAY-31-1997
[PERIOD-END] NOV-30-1996
[INVESTMENTS-AT-COST] 174,223,905
[INVESTMENTS-AT-VALUE] 175,575,511
[RECEIVABLES] 31,051,908
[ASSETS-OTHER] 15,793
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 206,643,212
[PAYABLE-FOR-SECURITIES] 7,042,833
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 54,429,174
[TOTAL-LIABILITIES] 61,472,007
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 2,853,921
[OVERDISTRIBUTION-NII] (3,951,029)
[ACCUMULATED-NET-GAINS] (7,158,476)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,313,461
[NET-ASSETS] 145,171,205
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4,113,116
[OTHER-INCOME] 0
[EXPENSES-NET] 1,179,284
[NET-INVESTMENT-INCOME] 2,933,832
[REALIZED-GAINS-CURRENT] (91,488)
[APPREC-INCREASE-CURRENT] 1,651,610
[NET-CHANGE-FROM-OPS] 4,493,954
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,799,517
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,396,483
[NUMBER-OF-SHARES-REDEEMED] 6,290,810
[SHARES-REINVESTED] 300,484
[NET-CHANGE-IN-ASSETS] (16,196,650)
[ACCUMULATED-NII-PRIOR] 9,851,103
[ACCUMULATED-GAINS-PRIOR] (7,066,988)
[OVERDISTRIB-NII-PRIOR] (9,931,014)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 301,547
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,179,284
[AVERAGE-NET-ASSETS] 174,961
[PER-SHARE-NAV-BEGIN] 9.84
[PER-SHARE-NII] 0.20
[PER-SHARE-GAIN-APPREC] 0.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.27
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.88
[EXPENSE-RATIO] 1.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000887428
[NAME] SMITH BARNEY ADJUSTABLE RATE GOVERNMENT INCOME FUND. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] MAY-31-1997
[PERIOD-END] NOV-30-1996
[INVESTMENTS-AT-COST] 174,223,905
[INVESTMENTS-AT-VALUE] 175,575,511
[RECEIVABLES] 31,051,908
[ASSETS-OTHER] 15,793
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 206,643,212
[PAYABLE-FOR-SECURITIES] 7,042,833
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 54,429,174
[TOTAL-LIABILITIES] 61,472,007
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 2,853,921
[OVERDISTRIBUTION-NII] (3,951,029)
[ACCUMULATED-NET-GAINS] (7,158,476)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,313,461
[NET-ASSETS] 145,171,205
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4,113,116
[OTHER-INCOME] 0
[EXPENSES-NET] 1,179,284
[NET-INVESTMENT-INCOME] 2,933,832
[REALIZED-GAINS-CURRENT] (91,488)
[APPREC-INCREASE-CURRENT] 1,651,610
[NET-CHANGE-FROM-OPS] 4,493,954
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 150,716
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,039,556
[NUMBER-OF-SHARES-REDEEMED] 3,155,872
[SHARES-REINVESTED] 9,173
[NET-CHANGE-IN-ASSETS] (16,196,650)
[ACCUMULATED-NII-PRIOR] 9,851,103
[ACCUMULATED-GAINS-PRIOR] (7,066,988)
[OVERDISTRIB-NII-PRIOR] (9,931,014)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 301,547
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,179,284
[AVERAGE-NET-ASSETS] 6,812
[PER-SHARE-NAV-BEGIN] 9.84
[PER-SHARE-NII] 0.20
[PER-SHARE-GAIN-APPREC] 0.09
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.27
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.86
[EXPENSE-RATIO] 1.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000887428
[NAME] SMITH BARNEY ADJUSTABLE RATE GOVERNMENT INCOME FUND. CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] MAY-31-1997
[PERIOD-END] NOV-30-1996
[INVESTMENTS-AT-COST] 174,223,905
[INVESTMENTS-AT-VALUE] 175,575,511
[RECEIVABLES] 31,051,908
[ASSETS-OTHER] 15,793
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 206,643,212
[PAYABLE-FOR-SECURITIES] 7,042,833
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 54,429,174
[TOTAL-LIABILITIES] 61,472,007
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 2,853,921
[OVERDISTRIBUTION-NII] (3,951,029)
[ACCUMULATED-NET-GAINS] (7,158,476)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,313,461
[NET-ASSETS] 145,171,205
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4,113,116
[OTHER-INCOME] 0
[EXPENSES-NET] 1,179,284
[NET-INVESTMENT-INCOME] 2,933,832
[REALIZED-GAINS-CURRENT] (91,488)
[APPREC-INCREASE-CURRENT] 1,651,610
[NET-CHANGE-FROM-OPS] 4,493,954
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 801
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 49
[NUMBER-OF-SHARES-REDEEMED] 193
[SHARES-REINVESTED] 67
[NET-CHANGE-IN-ASSETS] (16,196,650)
[ACCUMULATED-NII-PRIOR] 9,851,103
[ACCUMULATED-GAINS-PRIOR] (7,066,988)
[OVERDISTRIB-NII-PRIOR] (9,931,014)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 301,547
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,179,284
[AVERAGE-NET-ASSETS] 38
[PER-SHARE-NAV-BEGIN] 9.82
[PER-SHARE-NII] 0.20
[PER-SHARE-GAIN-APPREC] 0.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.27
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.86
[EXPENSE-RATIO] 1.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
