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<PAGE> PAGE 2
012 C020001 MA
012 C030001 02104
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 PNC BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19103
015 E010001 X
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019 A000000 Y
019 B000000 127
019 C000000 BARNEY0000
020 A000001 MORGAN STANLEY
020 B000001 13-2655998
020 C000001 502
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020 B000002 N/A
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020 B000003 13-5674085
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020 A000004 SMITH BARNEY
020 B000004 13-1912900
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020 A000007 ROBERT W. BAIRD
020 B000007 N/A
020 C000007 52
020 A000008 INTERSTATE
020 B000008 13-3443395
020 C000008 46
020 A000009 AUTRANET, INC.
020 B000009 13-3488904
020 C000009 36
020 A000010 PETRIE PARKMAN
020 B000010 N/A
020 C000010 30
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022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 8620054
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<PAGE> PAGE 3
022 A000002 CHASE SECURITIES
022 B000002 13-3112953
022 C000002 8327443
022 D000002 0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 6728399
022 D000003 20095
022 A000004 CS FIRST BOSTON
022 B000004 13-5659485
022 C000004 3247540
022 D000004 0
022 A000005 UNION BANK OF SWITZERLAND
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022 B000006 13-5674085
022 C000006 2035
022 D000006 10091
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022 C000007 3904
022 D000007 6591
022 A000008 CANTOR FITZERALD
022 B000008 13-3680187
022 C000008 5106
022 D000008 0
022 A000009 J.B WERE
022 B000009 N/A
022 C000009 4354
022 D000009 0
022 A000010 CHARLES SCHWAB & CO. INC.
022 B000010 N/A
022 C000010 4154
022 D000010 0
023 C000000 28724709
023 D000000 49156
024 000000 N
025 D000001 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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] 6-MOS
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] MAR-31-1998
[INVESTMENTS-AT-COST] 1,153,491,962
[INVESTMENTS-AT-VALUE] 1,656,759,433
[RECEIVABLES] 2,016,304
[ASSETS-OTHER] 207,321,000
[OTHER-ITEMS-ASSETS] 543
[TOTAL-ASSETS] 1,866,097,280
[PAYABLE-FOR-SECURITIES] 3,882,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 213,198,810
[TOTAL-LIABILITIES] 217,081,623
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,113,275,316
[SHARES-COMMON-STOCK] 56,438,711
[SHARES-COMMON-PRIOR] 53,288,452
[ACCUMULATED-NII-CURRENT] 4,266,343
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 27,998,925
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 503,475,073
[NET-ASSETS] 1,649,015,657
[DIVIDEND-INCOME] 8,630,574
[INTEREST-INCOME] 6,569,190
[OTHER-INCOME] 0
[EXPENSES-NET] 12,615,768
[NET-INVESTMENT-INCOME] 2,583,996
[REALIZED-GAINS-CURRENT] 62,070,328
[APPREC-INCREASE-CURRENT] 2,258,653
[NET-CHANGE-FROM-OPS] 66,912,977
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5,305,7858
[DISTRIBUTIONS-OF-GAINS] 28,396,858
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,246,309
[NUMBER-OF-SHARES-REDEEMED] 5,221,060
[SHARES-REINVESTED] 3,125,010
[NET-CHANGE-IN-ASSETS] 67,926,092
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4,350,315
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,615,768
[AVERAGE-NET-ASSETS] 586,295,832
[PER-SHARE-NAV-BEGIN] 11.32
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 00.45
[PER-SHARE-DIVIDEND] 00.10
[PER-SHARE-DISTRIBUTIONS] 00.54
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.22
[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] 6-MOS
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] MAR-31-1998
[INVESTMENTS-AT-COST] 1,153,491,962
[INVESTMENTS-AT-VALUE] 1,656,759,433
[RECEIVABLES] 2,016,304
[ASSETS-OTHER] 207,321,000
[OTHER-ITEMS-ASSETS] 543
[TOTAL-ASSETS] 1,866,097,280
[PAYABLE-FOR-SECURITIES] 3,882,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 213,198,810
[TOTAL-LIABILITIES] 217,081,623
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,113,275,316
[SHARES-COMMON-STOCK] 79,575,490
[SHARES-COMMON-PRIOR] 82,300,343
[ACCUMULATED-NII-CURRENT] 4,266,343
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 27,998,925
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 503,475,073
[NET-ASSETS] 1,649,015,657
[DIVIDEND-INCOME] 8,630,574
[INTEREST-INCOME] 6,569,190
[OTHER-INCOME] 0
[EXPENSES-NET] 12,615,768
[NET-INVESTMENT-INCOME] 2,583,996
[REALIZED-GAINS-CURRENT] 62,070,328
[APPREC-INCREASE-CURRENT] 2,258,653
[NET-CHANGE-FROM-OPS] 66,912,977
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,445,875
[DISTRIBUTIONS-OF-GAINS] 43,690,769
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,181,124
[NUMBER-OF-SHARES-REDEEMED] 11,059,310
[SHARES-REINVESTED] 4,153,333
[NET-CHANGE-IN-ASSETS] 67,926,092
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4,350,315
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,615,768
[AVERAGE-NET-ASSETS] 882,388,983
[PER-SHARE-NAV-BEGIN] 11.31
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 00.44
[PER-SHARE-DIVIDEND] 00.02
[PER-SHARE-DISTRIBUTIONS] 00.54
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.19
[EXPENSE-RATIO] 01.91
[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] 6-MOS
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] MAR-31-1998
[INVESTMENTS-AT-COST] 1,153,491,962
[INVESTMENTS-AT-VALUE] 1,656,759,433
[RECEIVABLES] 2,016,304
[ASSETS-OTHER] 207,321,000
[OTHER-ITEMS-ASSETS] 543
[TOTAL-ASSETS] 1,866,097,280
[PAYABLE-FOR-SECURITIES] 3,882,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 213,198,810
[TOTAL-LIABILITIES] 217,081,623
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,113,275,316
[SHARES-COMMON-STOCK] 6,272,633
[SHARES-COMMON-PRIOR] 6,358,562
[ACCUMULATED-NII-CURRENT] 4,266,343
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 27,998,925
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 503,475,073
[NET-ASSETS] 1,649,015,657
[DIVIDEND-INCOME] 8,630,574
[INTEREST-INCOME] 6,569,190
[OTHER-INCOME] 0
[EXPENSES-NET] 12,615,768
[NET-INVESTMENT-INCOME] 2,583,996
[REALIZED-GAINS-CURRENT] 62,070,328
[APPREC-INCREASE-CURRENT] 2,258,653
[NET-CHANGE-FROM-OPS] 66,912,977
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 124,527
[DISTRIBUTIONS-OF-GAINS] 3,415,530
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 632,628
[NUMBER-OF-SHARES-REDEEMED] 1,051,274
[SHARES-REINVESTED] 332,717
[NET-CHANGE-IN-ASSETS] 67,926,092
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4,350,315
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,615,768
[AVERAGE-NET-ASSETS] 69,572,939
[PER-SHARE-NAV-BEGIN] 11.30
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 00.45
[PER-SHARE-DIVIDEND] 00.02
[PER-SHARE-DISTRIBUTIONS] 00.54
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.19
[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] 6-MOS
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] MAR-31-1998
[INVESTMENTS-AT-COST] 1,153,491,962
[INVESTMENTS-AT-VALUE] 1,656,759,433
[RECEIVABLES] 2,016,304
[ASSETS-OTHER] 207,321,000
[OTHER-ITEMS-ASSETS] 543
[TOTAL-ASSETS] 1,866,097,280
[PAYABLE-FOR-SECURITIES] 3,882,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 213,198,810
[TOTAL-LIABILITIES] 217,081,623
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,113,275,316
[SHARES-COMMON-STOCK] 4,925,575
[SHARES-COMMON-PRIOR] 9,521,959
[ACCUMULATED-NII-CURRENT] 4,266,343
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 27,998,925
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 503,475,073
[NET-ASSETS] 1,649,015,657
[DIVIDEND-INCOME] 8,630,574
[INTEREST-INCOME] 6,569,190
[OTHER-INCOME] 0
[EXPENSES-NET] 12,615,768
[NET-INVESTMENT-INCOME] 2,583,996
[REALIZED-GAINS-CURRENT] 62,070,328
[APPREC-INCREASE-CURRENT] 2,258,653
[NET-CHANGE-FROM-OPS] 66,912,977
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 642,093
[DISTRIBUTIONS-OF-GAINS] 2,379,245
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,358,820
[NUMBER-OF-SHARES-REDEEMED] 7,955,204
[SHARES-REINVESTED] 4,153,333
[NET-CHANGE-IN-ASSETS] 67,926,092
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4,350,315
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,615,768
[AVERAGE-NET-ASSETS] 56,274,378
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] .10
[PER-SHARE-GAIN-APPREC] 00.41
[PER-SHARE-DIVIDEND] 00.14
[PER-SHARE-DISTRIBUTIONS] 00.54
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.23
[EXPENSE-RATIO] 00.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
10f-3 REPORT
SMITH BARNEY FUNDAMENTAL VALUE FUND INC.
November 1, 1997 through January 31, 1998
Trade Shares
Purchase % of
Issuer Date Selling Dealer Purchased Price
Issue
Telstra Corp. 11/17/97 J.B. Were & Sons
3,157,200 $ 1.380 0.80%
Electric Lightwave 11/24/97 Lehman Brothers Inc.
51,500 16.000 2.94
Fleet Financial Group 12/4/97 Merrill Lynch
18,200 70.375 0.17
Focal Inc. 12/11/97 Lehman Brothers Inc.
43,200 10.00 2.38
Friedman Billings Ramsey 12/23/97 Friedman Billings
10,900 20.00 0.59