[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>