[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENT FUND - CLASS A
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          JUL-31-1996
[PERIOD-END]                               JUL-31-1996
[INVESTMENTS-AT-COST]                      629,872,576
[INVESTMENTS-AT-VALUE]                     632,918,773
[RECEIVABLES]                                6,408,386
[ASSETS-OTHER]                               3,979,114
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             643,306,273
[PAYABLE-FOR-SECURITIES]                    48,410,783
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    1,039,364
[TOTAL-LIABILITIES]                         49,450,147
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   660,467,723
[SHARES-COMMON-STOCK]                       37,046,411
[SHARES-COMMON-PRIOR]                       41,849,499
[ACCUMULATED-NII-CURRENT]                      (3,500)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                   (69,654,294)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     3,046,197
[NET-ASSETS]                               593,856,126
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           47,015,867
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               7,143,566
[NET-INVESTMENT-INCOME]                     39,872,301
[REALIZED-GAINS-CURRENT]                     5,790,569
[APPREC-INCREASE-CURRENT]                 (22,102,739)
[NET-CHANGE-FROM-OPS]                       23,560,131
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                   32,148,456
[DISTRIBUTIONS-OF-GAINS]                       497,563
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      1,032,903
[NUMBER-OF-SHARES-REDEEMED]                  7,593,103
[SHARES-REINVESTED]                          1,757,112
[NET-CHANGE-IN-ASSETS]                    (67,857,796)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                (186,841,083)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        4,100,491
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              7,143,566
[AVERAGE-NET-ASSETS]                       497,817,608
[PER-SHARE-NAV-BEGIN]                            12.63
[PER-SHARE-NII]                                   0.81
[PER-SHARE-GAIN-APPREC]                         (0.34)
[PER-SHARE-DIVIDEND]                              0.82
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                              0.01
[PER-SHARE-NAV-END]                              12.27
[EXPENSE-RATIO]                                   1.04
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>



[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENT FUND - CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          JUL-31-1996
[PERIOD-END]                               JUL-31-1996
[INVESTMENTS-AT-COST]                      629,872,576
[INVESTMENTS-AT-VALUE]                     632,918,773
[RECEIVABLES]                                6,408,386
[ASSETS-OTHER]                               3,979,114
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             643,306,273
[PAYABLE-FOR-SECURITIES]                    48,410,783
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    1,039,364
[TOTAL-LIABILITIES]                         49,450,147
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   660,467,723
[SHARES-COMMON-STOCK]                        9,021,160
[SHARES-COMMON-PRIOR]                       10,521,407
[ACCUMULATED-NII-CURRENT]                      (3,500)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                   (69,654,294)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     3,046,197
[NET-ASSETS]                               593,856,126
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           47,015,867
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               7,143,566
[NET-INVESTMENT-INCOME]                     39,872,301
[REALIZED-GAINS-CURRENT]                     5,790,569
[APPREC-INCREASE-CURRENT]                 (22,102,739)
[NET-CHANGE-FROM-OPS]                       23,560,131
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    7,254,198
[DISTRIBUTIONS-OF-GAINS]                       126,351
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      1,032,903
[NUMBER-OF-SHARES-REDEEMED]                  7,593,103
[SHARES-REINVESTED]                          1,757,112
[NET-CHANGE-IN-ASSETS]                    (67,857,796)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                (186,841,083)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        4,100,491
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              7,143,566
[AVERAGE-NET-ASSETS]                       122,375,605
[PER-SHARE-NAV-BEGIN]                            12.63
[PER-SHARE-NII]                                   0.75
[PER-SHARE-GAIN-APPREC]                         (0.34)
[PER-SHARE-DIVIDEND]                              0.76
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                              0.01
[PER-SHARE-NAV-END]                              12.27
[EXPENSE-RATIO]                                   1.56
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>



[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENT FUND - CLASS C
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          JUL-31-1996
[PERIOD-END]                               JUL-31-1996
[INVESTMENTS-AT-COST]                      629,872,576
[INVESTMENTS-AT-VALUE]                     632,918,773
[RECEIVABLES]                                6,408,386
[ASSETS-OTHER]                               3,979,114
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             643,306,273
[PAYABLE-FOR-SECURITIES]                    48,410,783
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    1,039,364
[TOTAL-LIABILITIES]                         49,450,147
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   660,467,723
[SHARES-COMMON-STOCK]                          100,934
[SHARES-COMMON-PRIOR]                           23,673
[ACCUMULATED-NII-CURRENT]                      (3,500)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                   (69,654,294)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     3,046,197
[NET-ASSETS]                               593,856,126
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           47,015,867
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               7,143,566
[NET-INVESTMENT-INCOME]                     39,872,301
[REALIZED-GAINS-CURRENT]                     5,790,569
[APPREC-INCREASE-CURRENT]                 (22,102,739)
[NET-CHANGE-FROM-OPS]                       23,560,131
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                       53,515
[DISTRIBUTIONS-OF-GAINS]                           828
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                         85,229
[NUMBER-OF-SHARES-REDEEMED]                     11,848
[SHARES-REINVESTED]                             3,880
[NET-CHANGE-IN-ASSETS]                    (67,857,796)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                (186,841,083)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        4,100,491
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              7,143,566
[AVERAGE-NET-ASSETS]                           864,449
[PER-SHARE-NAV-BEGIN]                            12.63
[PER-SHARE-NII]                                   0.75
[PER-SHARE-GAIN-APPREC]                         (0.34)
[PER-SHARE-DIVIDEND]                              0.08
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                              0.01
[PER-SHARE-NAV-END]                              12.27
[EXPENSE-RATIO]                                   1.49
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>



[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENT FUND - CLASS Y
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          JUL-31-1996
[PERIOD-END]                               JUL-31-1996
[INVESTMENTS-AT-COST]                      629,872,576
[INVESTMENTS-AT-VALUE]                     632,918,773
[RECEIVABLES]                                6,408,386
[ASSETS-OTHER]                               3,979,114
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             643,306,273
[PAYABLE-FOR-SECURITIES]                    48,410,783
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    1,039,364
[TOTAL-LIABILITIES]                         49,450,147
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   660,467,723
[SHARES-COMMON-STOCK]                        2,219,224
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                      (3,500)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                   (69,654,294)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     3,046,197
[NET-ASSETS]                               593,856,126
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           47,015,867
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               7,143,566
[NET-INVESTMENT-INCOME]                     39,872,301
[REALIZED-GAINS-CURRENT]                     5,790,569
[APPREC-INCREASE-CURRENT]                 (22,102,739)
[NET-CHANGE-FROM-OPS]                       23,560,131
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                      419,632
[DISTRIBUTIONS-OF-GAINS]                        69,802
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      2,219,224
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                              3,880
[NET-CHANGE-IN-ASSETS]                    (67,857,796)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                (186,841,083)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        4,100,491
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              7,143,566
[AVERAGE-NET-ASSETS]                         6,017,535
[PER-SHARE-NAV-BEGIN]                            12.86
[PER-SHARE-NII]                                   0.35
[PER-SHARE-GAIN-APPREC]                         (0.49)
[PER-SHARE-DIVIDEND]                              0.44
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                              0.01
[PER-SHARE-NAV-END]                              12.27
[EXPENSE-RATIO]                                   0.78
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>