[ARTICLE] 6
[CIK] 0000764624
[NAME] SMITH BARNEY INCOME FUNDS
[SERIES]
   [NUMBER] 5
   [NAME] SMITH BARNEY EXCHANGE RESERVE FUND. CLASS L
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          JUL-31-1999
[PERIOD-END]                               JAN-31-1999
[INVESTMENTS-AT-COST]                      134,096,847
[INVESTMENTS-AT-VALUE]                     134,096,847
[RECEIVABLES]                                   44,108
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                           280,161
[TOTAL-ASSETS]                             134,421,116
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      477,525
[TOTAL-LIABILITIES]                            477,525
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   133,964,008
[SHARES-COMMON-STOCK]                       14,335,692
[SHARES-COMMON-PRIOR]                        9,314,248
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                       (20,417)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                             0
[NET-ASSETS]                               133,943,591
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            3,848,066
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 844,196
[NET-INVESTMENT-INCOME]                      3,003,870
[REALIZED-GAINS-CURRENT]                        13,532
[APPREC-INCREASE-CURRENT]                            0
[NET-CHANGE-FROM-OPS]                        3,017,402
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                      439,760
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                    319,546,146
[NUMBER-OF-SHARES-REDEEMED]                366,172,777
[SHARES-REINVESTED]                          3,892,738
[NET-CHANGE-IN-ASSETS]                      50,442,318
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          214,874
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                844,196
[AVERAGE-NET-ASSETS]                        16,311,419
[PER-SHARE-NAV-BEGIN]                            1.000
[PER-SHARE-NII]                                  0.043
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                             0.043
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              1.000
[EXPENSE-RATIO]                                  1.180
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>