[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>