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<PAGE> PAGE 2
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SIGNATURE PAUL BROOK
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-30-1998
[PERIOD-END] SEP-30-1998
[INVESTMENTS-AT-COST] 1,032,942,646
[INVESTMENTS-AT-VALUE] 1,364,015,048
[RECEIVABLES] 3,564,055
[ASSETS-OTHER] 139,334,024
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,506,913,127
[PAYABLE-FOR-SECURITIES] 198,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 149,930,287
[TOTAL-LIABILITIES] 150,129,100
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 893,256,062
[SHARES-COMMON-STOCK] 51,675,411
[SHARES-COMMON-PRIOR] 53,288,452
[ACCUMULATED-NII-CURRENT] 3,061,641
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 32,571,601
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 337,894,723
[NET-ASSETS] 1,356,784,027
[DIVIDEND-INCOME] 17,386,242
[INTEREST-INCOME] 13,289,287
[OTHER-INCOME] 0
[EXPENSES-NET] 24,898,837
[NET-INVESTMENT-INCOME] 5,776,692
[REALIZED-GAINS-CURRENT] 62,245,606
[APPREC-INCREASE-CURRENT] (163,321,697)
[NET-CHANGE-FROM-OPS] (95,299,399)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,343,460
[DISTRIBUTIONS-OF-GAINS] 27,401,220
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,551,987
[NUMBER-OF-SHARES-REDEEMED] 12,290,037
[SHARES-REINVESTED] 3,125,009
[NET-CHANGE-IN-ASSETS] (360,157,722)
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,577,966
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 24,898,837
[AVERAGE-NET-ASSETS] 588,392,529
[PER-SHARE-NAV-BEGIN] 11.37
[PER-SHARE-NII] 00.09
[PER-SHARE-GAIN-APPREC] (0.76)
[PER-SHARE-DIVIDEND] 00.11
[PER-SHARE-DISTRIBUTIONS] 00.52
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.07
[EXPENSE-RATIO] 01.15
[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-30-1998
[PERIOD-END] SEP-30-1998
[INVESTMENTS-AT-COST] 1,032,942,646
[INVESTMENTS-AT-VALUE] 1,364,015,048
[RECEIVABLES] 3,564,055
[ASSETS-OTHER] 139,334,024
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,506,913,127
[PAYABLE-FOR-SECURITIES] 198,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 149,930,287
[TOTAL-LIABILITIES] 150,129,100
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 893,256,062
[SHARES-COMMON-STOCK] 71,551,792
[SHARES-COMMON-PRIOR] 82,300,343
[ACCUMULATED-NII-CURRENT] 3,061,641
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 32,571,601
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 337,894,723
[NET-ASSETS] 1,356,784,027
[DIVIDEND-INCOME] 17,386,242
[INTEREST-INCOME] 13,289,287
[OTHER-INCOME] 0
[EXPENSES-NET] 24,898,837
[NET-INVESTMENT-INCOME] 5,776,692
[REALIZED-GAINS-CURRENT] 62,245,606
[APPREC-INCREASE-CURRENT] (163,321,697)
[NET-CHANGE-FROM-OPS] (95,299,399)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,920,466
[DISTRIBUTIONS-OF-GAINS] 42,158,857
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,360,722
[NUMBER-OF-SHARES-REDEEMED] 21,262,606
[SHARES-REINVESTED] 4,153,333
[NET-CHANGE-IN-ASSETS] (360,157,722)
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,577,966
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 24,898,837
[AVERAGE-NET-ASSETS] 853,047,235
[PER-SHARE-NAV-BEGIN] 11.31
[PER-SHARE-NII] 00.00
[PER-SHARE-GAIN-APPREC] (0.75)
[PER-SHARE-DIVIDEND] 00.03
[PER-SHARE-DISTRIBUTIONS] 00.52
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.01
[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 L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] SEP-30-1998
[PERIOD-END] SEP-30-1998
[INVESTMENTS-AT-COST] 1,032,942,646
[INVESTMENTS-AT-VALUE] 1,364,015,048
[RECEIVABLES] 3,564,055
[ASSETS-OTHER] 139,334,024
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,506,913,127
[PAYABLE-FOR-SECURITIES] 198,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 149,930,287
[TOTAL-LIABILITIES] 150,129,100
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 893,256,062
[SHARES-COMMON-STOCK] 5,733,033
[SHARES-COMMON-PRIOR] 6,358,562
[ACCUMULATED-NII-CURRENT] 3,061,641
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 32,571,601
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 337,894,723
[NET-ASSETS] 1,356,784,027
[DIVIDEND-INCOME] 17,386,242
[INTEREST-INCOME] 13,289,287
[OTHER-INCOME] 0
[EXPENSES-NET] 24,898,837
[NET-INVESTMENT-INCOME] 5,776,692
[REALIZED-GAINS-CURRENT] 62,245,606
[APPREC-INCREASE-CURRENT] (163,321,697)
[NET-CHANGE-FROM-OPS] (95,299,399)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 233,756
[DISTRIBUTIONS-OF-GAINS] 3,295,776
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,049,363
[NUMBER-OF-SHARES-REDEEMED] 2,007,609
[SHARES-REINVESTED] 332,717
[NET-CHANGE-IN-ASSETS] (360,157,722)
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,577,966
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 24,898,837
[AVERAGE-NET-ASSETS] 67,474,323
[PER-SHARE-NAV-BEGIN] 11.30
[PER-SHARE-NII] 00.00
[PER-SHARE-GAIN-APPREC] (0.74)
[PER-SHARE-DIVIDEND] 00.03
[PER-SHARE-DISTRIBUTIONS] 00.52
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.01
[EXPENSE-RATIO] 01.93
[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-30-1998
[PERIOD-END] SEP-30-1998
[INVESTMENTS-AT-COST] 1,032,942,646
[INVESTMENTS-AT-VALUE] 1,364,015,048
[RECEIVABLES] 3,564,055
[ASSETS-OTHER] 139,334,024
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1,506,913,127
[PAYABLE-FOR-SECURITIES] 198,813
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 149,930,287
[TOTAL-LIABILITIES] 150,129,100
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 893,256,062
[SHARES-COMMON-STOCK] 6,191,519
[SHARES-COMMON-PRIOR] 9,521,959
[ACCUMULATED-NII-CURRENT] 3,061,641
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 32,571,601
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 337,894,723
[NET-ASSETS] 1,356,784,027
[DIVIDEND-INCOME] 17,386,242
[INTEREST-INCOME] 13,289,287
[OTHER-INCOME] 0
[EXPENSES-NET] 24,898,837
[NET-INVESTMENT-INCOME] 5,776,692
[REALIZED-GAINS-CURRENT] 62,245,606
[APPREC-INCREASE-CURRENT] (163,321,697)
[NET-CHANGE-FROM-OPS] (95,299,399)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 751,322
[DISTRIBUTIONS-OF-GAINS] 2,295,825
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,624,764
[NUMBER-OF-SHARES-REDEEMED] 7,955,204
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (360,157,722)
[ACCUMULATED-NII-PRIOR] 9,200,627
[ACCUMULATED-GAINS-PRIOR] 43,810,999
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 8,577,966
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 24,898,837
[AVERAGE-NET-ASSETS] 57,422,103
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] 00.12
[PER-SHARE-GAIN-APPREC] (0.74)
[PER-SHARE-DIVIDEND] 00.16
[PER-SHARE-DISTRIBUTIONS] 00.52
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.10
[EXPENSE-RATIO] 00.79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
INDEPENDENT AUDITORS' REPORT
To 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 "Company") for
the year ended September 30, 1998 (on which we have issued our
report dated November 13, 1998), we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, and not to provide
assurance on the Company's internal control.
The management of the Company is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors
or fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the Company's internal control would not
necessarily disclose all matters in internal control 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 one
or more of the internal control components does not reduce to a
relatively low level the risk that errors or fraud 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
Company's internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of Smith Barney Fundamental
Value Fund, Inc. and the Securities and Exchange Commission.
November 13, 1998
