<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000764624
<NAME> SMITH BARNEY INCOME FUNDS
<SERIES>
   <NUMBER> 5
   <NAME> SMITH BARNEY EXCHANGE RESERVE FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1999
<PERIOD-END>                               JUL-31-1999
<INVESTMENTS-AT-COST>                      147,533,856
<INVESTMENTS-AT-VALUE>                     147,533,856
<RECEIVABLES>                                  189,718
<ASSETS-OTHER>                                 280,962
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             148,004,536
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      540,690
<TOTAL-LIABILITIES>                            540,690
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   147,463,846
<SHARES-COMMON-STOCK>                       27,333,775
<SHARES-COMMON-PRIOR>                        9,314,248
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               147,463,846
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            7,285,513
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,665,003
<NET-INVESTMENT-INCOME>                      5,620,510
<REALIZED-GAINS-CURRENT>                        14,111
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                        5,634,621
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      715,358
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                    286,764,142
<NUMBER-OF-SHARES-REDEEMED>                269,274,527
<SHARES-REINVESTED>                            529,912
<NET-CHANGE-IN-ASSETS>                      63,962,573
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (33,949)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          705,198
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,665,003
<AVERAGE-NET-ASSETS>                        18,101,520
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                              0.04
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   1.21


</TABLE>