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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000351934
[NAME] SMITH BARNEY FUNDAMENTAL VALUE FUND INC. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] SEP-30-1997
[PERIOD-END] SEP-30-1997
[INVESTMENTS-AT-COST] 1,226,870,393
[INVESTMENTS-AT-VALUE] 1,727,060,416
[RECEIVABLES] 38,967,357
[ASSETS-OTHER] 57,492,200
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,823,519,973
[PAYABLE-FOR-SECURITIES] 43,354,706
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 63,223,518
[TOTAL-LIABILITIES] 106,578,224
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,162,713,703
[SHARES-COMMON-STOCK] 53,288,452
[SHARES-COMMON-PRIOR] 49,235,698
[ACCUMULATED-NII-CURRENT] 9,200,627
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 43,810,999
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 501,216,420
[NET-ASSETS] 1,716,941,749
[DIVIDEND-INCOME] 20,392,600
[INTEREST-INCOME] 13,530,579
[OTHER-INCOME] 0
[EXPENSES-NET] 23,392,340
[NET-INVESTMENT-INCOME] 10,530,839
[REALIZED-GAINS-CURRENT] 45,614,564
[APPREC-INCREASE-CURRENT] 324,560,554
[NET-CHANGE-FROM-OPS] 380,705,957
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 7,011,428
[DISTRIBUTIONS-OF-GAINS] 21,662,957
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 9,972,656
[NUMBER-OF-SHARES-REDEEMED] 8,852,499
[SHARES-REINVESTED] 2,932,597
[NET-CHANGE-IN-ASSETS] 466,002,044
[ACCUMULATED-NII-PRIOR] 13,747,541
[ACCUMULATED-GAINS-PRIOR] 56,562,896
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,151,351
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 23,392,340
[AVERAGE-NET-ASSETS] 530,642,278
[PER-SHARE-NAV-BEGIN] 09.31
[PER-SHARE-NII] 00.11
[PER-SHARE-GAIN-APPREC] 02.52
[PER-SHARE-DIVIDEND] 00.13
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.37
[EXPENSE-RATIO] 01.14
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000351934
[NAME] SMITH BARNEY FUNDAMENTAL VALUE FUND INC. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] SEP-30-1997
[PERIOD-END] SEP-30-1997
[INVESTMENTS-AT-COST] 1,226,870,393
[INVESTMENTS-AT-VALUE] 1,727,060,416
[RECEIVABLES] 38,967,357
[ASSETS-OTHER] 57,492,200
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,823,519,973
[PAYABLE-FOR-SECURITIES] 43,354,706
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 63,223,518
[TOTAL-LIABILITIES] 106,578,224
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,162,713,703
[SHARES-COMMON-STOCK] 82,300,343
[SHARES-COMMON-PRIOR] 76,009,204
[ACCUMULATED-NII-CURRENT] 9,200,627
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 43,810,999
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 501,216,420
[NET-ASSETS] 1,716,941,749
[DIVIDEND-INCOME] 20,392,600
[INTEREST-INCOME] 13,530,579
[OTHER-INCOME] 0
[EXPENSES-NET] 23,392,340
[NET-INVESTMENT-INCOME] 10,530,839
[REALIZED-GAINS-CURRENT] 45,614,564
[APPREC-INCREASE-CURRENT] 324,560,554
[NET-CHANGE-FROM-OPS] 380,705,957
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5,182,678
[DISTRIBUTIONS-OF-GAINS] 33,667,594
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 17,327,879
[NUMBER-OF-SHARES-REDEEMED] 14,990,088
[SHARES-REINVESTED] 3,953,348
[NET-CHANGE-IN-ASSETS] 466,002,044
[ACCUMULATED-NII-PRIOR] 13,747,541
[ACCUMULATED-GAINS-PRIOR] 56,562,896
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,151,351
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 23,392,340
[AVERAGE-NET-ASSETS] 824,066,115
[PER-SHARE-NAV-BEGIN] 09.26
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 02.52
[PER-SHARE-DIVIDEND] 00.06
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.31
[EXPENSE-RATIO] 01.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000351934
[NAME] SMITH BARNEY FUNDAMENTAL VALUE FUND INC. CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] SEP-30-1997
[PERIOD-END] SEP-30-1997
[INVESTMENTS-AT-COST] 1,226,870,393
[INVESTMENTS-AT-VALUE] 1,727,060,416
[RECEIVABLES] 38,967,357
[ASSETS-OTHER] 57,492,200
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,823,519,973
[PAYABLE-FOR-SECURITIES] 43,354,706
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 63,223,518
[TOTAL-LIABILITIES] 106,578,224
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,162,713,703
[SHARES-COMMON-STOCK] 6,358,562
[SHARES-COMMON-PRIOR] 4,811,659
[ACCUMULATED-NII-CURRENT] 9,200,627
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 43,810,999
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 501,216,420
[NET-ASSETS] 1,716,941,749
[DIVIDEND-INCOME] 20,392,600
[INTEREST-INCOME] 13,530,579
[OTHER-INCOME] 0
[EXPENSES-NET] 23,392,340
[NET-INVESTMENT-INCOME] 10,530,839
[REALIZED-GAINS-CURRENT] 45,614,564
[APPREC-INCREASE-CURRENT] 324,560,554
[NET-CHANGE-FROM-OPS] 380,705,957
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 345,041
[DISTRIBUTIONS-OF-GAINS] 2,162,472
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,633,362
[NUMBER-OF-SHARES-REDEEMED] 1,345,937
[SHARES-REINVESTED] 259,478
[NET-CHANGE-IN-ASSETS] 466,002,044
[ACCUMULATED-NII-PRIOR] 13,747,541
[ACCUMULATED-GAINS-PRIOR] 56,562,896
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,151,351
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 23,392,340
[AVERAGE-NET-ASSETS] 58,158,235
[PER-SHARE-NAV-BEGIN] 09.26
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 02.51
[PER-SHARE-DIVIDEND] 00.06
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.30
[EXPENSE-RATIO] 01.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000351934
[NAME] SMITH BARNEY FUNDAMENTAL VALUE FUND INC. CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] SEP-30-1997
[PERIOD-END] SEP-30-1997
[INVESTMENTS-AT-COST] 1,226,870,393
[INVESTMENTS-AT-VALUE] 1,727,060,416
[RECEIVABLES] 38,967,357
[ASSETS-OTHER] 57,492,200
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,823,519,973
[PAYABLE-FOR-SECURITIES] 43,354,706
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 63,223,518
[TOTAL-LIABILITIES] 106,578,224
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,162,713,703
[SHARES-COMMON-STOCK] 9,521,959
[SHARES-COMMON-PRIOR] 4,788,885
[ACCUMULATED-NII-CURRENT] 9,200,627
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 43,810,999
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 501,216,420
[NET-ASSETS] 1,716,941,749
[DIVIDEND-INCOME] 20,392,600
[INTEREST-INCOME] 13,530,579
[OTHER-INCOME] 0
[EXPENSES-NET] 23,392,340
[NET-INVESTMENT-INCOME] 10,530,839
[REALIZED-GAINS-CURRENT] 45,614,564
[APPREC-INCREASE-CURRENT] 324,560,554
[NET-CHANGE-FROM-OPS] 380,705,957
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,003,669
[DISTRIBUTIONS-OF-GAINS] 2,408,379
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,733,074
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 466,002,044
[ACCUMULATED-NII-PRIOR] 13,747,541
[ACCUMULATED-GAINS-PRIOR] 56,562,896
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,151,351
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 23,392,340
[AVERAGE-NET-ASSETS] 75,659,183
[PER-SHARE-NAV-BEGIN] 09.32
[PER-SHARE-NII] 00.14
[PER-SHARE-GAIN-APPREC] 02.54
[PER-SHARE-DIVIDEND] 00.16
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.40
[EXPENSE-RATIO] 00.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Smith Barney Fundamental Value Fund, Inc.
In planning and performing our audit of the financial
statements of Smith Barney Fundamental Value Fund, Inc.
(the "Fund") for the year ended September 30, 1997, we
considered its internal control structure, including
procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing an opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing
and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization
and recorded properly to permit the preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of the inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may be inadequate because of changes in conditions or that
the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
November 3, 1997
