<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GROWTH AND INCOME FUND CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 252,289,995
[INVESTMENTS-AT-VALUE] 352,801,430
[RECEIVABLES] 3,988,101
[ASSETS-OTHER] 28,849
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 356,818,972
[PAYABLE-FOR-SECURITIES] 4,730,872
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,567
[TOTAL-LIABILITIES] 5,209,439
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24,917,000
[SHARES-COMMON-STOCK] 9,317,249
[SHARES-COMMON-PRIOR] 9,049,146
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (204,625)
[ACCUMULATED-NET-GAINS] 2,105,723
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 100,511,435
[NET-ASSETS] 351,609,533
[DIVIDEND-INCOME] 5,392,984
[INTEREST-INCOME] 1,823,903
[OTHER-INCOME] 0
[EXPENSES-NET] 3,606,803
[NET-INVESTMENT-INCOME] 3,610,084
[REALIZED-GAINS-CURRENT] 6,026,402
[APPREC-INCREASE-CURRENT] 45,724,984
[NET-CHANGE-FROM-OPS] 55,361,470
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,811,649
[DISTRIBUTIONS-OF-GAINS] 1,647,117
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,784,241
[NUMBER-OF-SHARES-REDEEMED] 1,765,700
[SHARES-REINVESTED] 245,313
[NET-CHANGE-IN-ASSETS] 127,663,108
[ACCUMULATED-NII-PRIOR] 33,908
[ACCUMULATED-GAINS-PRIOR] 281,852
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,256,354
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,595,383
[AVERAGE-NET-ASSETS] 118,316,857
[PER-SHARE-NAV-BEGIN] 12.16
[PER-SHARE-NII] 00.19
[PER-SHARE-GAIN-APPREC] 02.33
[PER-SHARE-DIVIDEND] 00.20
[PER-SHARE-DISTRIBUTIONS] 00.18
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.30
[EXPENSE-RATIO] 01.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GROWTH AND INCOME FUND CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 252,289,995
[INVESTMENTS-AT-VALUE] 352,801,430
[RECEIVABLES] 3,988,101
[ASSETS-OTHER] 28,849
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 356,818,972
[PAYABLE-FOR-SECURITIES] 4,730,872
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,567
[TOTAL-LIABILITIES] 5,209,439
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24,917,000
[SHARES-COMMON-STOCK] 9,575,491
[SHARES-COMMON-PRIOR] 9,324,368
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (204,625)
[ACCUMULATED-NET-GAINS] 2,105,723
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 100,511,435
[NET-ASSETS] 351,609,533
[DIVIDEND-INCOME] 5,392,984
[INTEREST-INCOME] 1,823,903
[OTHER-INCOME] 0
[EXPENSES-NET] 3,606,803
[NET-INVESTMENT-INCOME] 3,610,084
[REALIZED-GAINS-CURRENT] 6,026,402
[APPREC-INCREASE-CURRENT] 45,724,984
[NET-CHANGE-FROM-OPS] 55,361,470
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,368,727
[DISTRIBUTIONS-OF-GAINS] 1,699,165
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,434,025
[NUMBER-OF-SHARES-REDEEMED] 2,320,760
[SHARES-REINVESTED] 201,222
[NET-CHANGE-IN-ASSETS] 127,663,108
[ACCUMULATED-NII-PRIOR] 33,908
[ACCUMULATED-GAINS-PRIOR] 281,852
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,256,354
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,595,383
[AVERAGE-NET-ASSETS] 121,904,268
[PER-SHARE-NAV-BEGIN] 12.19
[PER-SHARE-NII] 00.13
[PER-SHARE-GAIN-APPREC] 02.34
[PER-SHARE-DIVIDEND] 00.15
[PER-SHARE-DISTRIBUTIONS] 00.18
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.33
[EXPENSE-RATIO] 01.62
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GROWTH AND INCOME FUND CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 252,289,995
[INVESTMENTS-AT-VALUE] 352,801,430
[RECEIVABLES] 3,988,101
[ASSETS-OTHER] 28,849
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 356,818,972
[PAYABLE-FOR-SECURITIES] 4,730,872
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,567
[TOTAL-LIABILITIES] 5,209,439
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24,917,000
[SHARES-COMMON-STOCK] 206,423
[SHARES-COMMON-PRIOR] 134,942
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (204,625)
[ACCUMULATED-NET-GAINS] 2,105,723
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 100,511,435
[NET-ASSETS] 351,609,533
[DIVIDEND-INCOME] 5,392,984
[INTEREST-INCOME] 1,823,903
[OTHER-INCOME] 0
[EXPENSES-NET] 3,606,803
[NET-INVESTMENT-INCOME] 3,610,084
[REALIZED-GAINS-CURRENT] 6,026,402
[APPREC-INCREASE-CURRENT] 45,724,984
[NET-CHANGE-FROM-OPS] 55,361,470
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 20,567
[DISTRIBUTIONS-OF-GAINS] 33,438
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 172,314
[NUMBER-OF-SHARES-REDEEMED] 485,539
[SHARES-REINVESTED] 3,845
[NET-CHANGE-IN-ASSETS] 127,663,108
[ACCUMULATED-NII-PRIOR] 33,908
[ACCUMULATED-GAINS-PRIOR] 281,852
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,256,354
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,595,383
[AVERAGE-NET-ASSETS] 1,834,515
[PER-SHARE-NAV-BEGIN] 12.19
[PER-SHARE-NII] 00.14
[PER-SHARE-GAIN-APPREC] 02.33
[PER-SHARE-DIVIDEND] 00.15
[PER-SHARE-DISTRIBUTIONS] 00.18
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.33
[EXPENSE-RATIO] 01.61
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GROWTH AND INCOME FUND CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 252,289,995
[INVESTMENTS-AT-VALUE] 352,801,430
[RECEIVABLES] 3,988,101
[ASSETS-OTHER] 28,849
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 356,818,972
[PAYABLE-FOR-SECURITIES] 4,730,872
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,567
[TOTAL-LIABILITIES] 5,209,439
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 24,917,000
[SHARES-COMMON-STOCK] 5,451,703
[SHARES-COMMON-PRIOR] 2,909,276
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (204,625)
[ACCUMULATED-NET-GAINS] 2,105,723
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 100,511,435
[NET-ASSETS] 351,609,533
[DIVIDEND-INCOME] 5,392,984
[INTEREST-INCOME] 1,823,903
[OTHER-INCOME] 0
[EXPENSES-NET] 3,606,803
[NET-INVESTMENT-INCOME] 3,610,084
[REALIZED-GAINS-CURRENT] 6,026,402
[APPREC-INCREASE-CURRENT] 45,724,984
[NET-CHANGE-FROM-OPS] 55,361,470
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 647,675
[DISTRIBUTIONS-OF-GAINS] 822,811
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,451,289
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 127,663,108
[ACCUMULATED-NII-PRIOR] 33,908
[ACCUMULATED-GAINS-PRIOR] 281,852
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,256,354
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,595,383
[AVERAGE-NET-ASSETS] 37,471,023
[PER-SHARE-NAV-BEGIN] 12.16
[PER-SHARE-NII] 00.22
[PER-SHARE-GAIN-APPREC] 02.36
[PER-SHARE-DIVIDEND] 00.22
[PER-SHARE-DISTRIBUTIONS] 00.18
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.34
[EXPENSE-RATIO] 01.73
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY STRATEGIC INVESTORS CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 316,471,942
[INVESTMENTS-AT-VALUE] 380,952,703
[RECEIVABLES] 4,769,465
[ASSETS-OTHER] 35,147
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 385,757,315
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 945,664
[TOTAL-LIABILITIES] 945,664
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 309,553,321
[SHARES-COMMON-STOCK] 9,196,849
[SHARES-COMMON-PRIOR] 9,210,887
[ACCUMULATED-NII-CURRENT] 1,049,534
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 9,728,035
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 64,480,761
[NET-ASSETS] 384,811,651
[DIVIDEND-INCOME] 4,048,341
[INTEREST-INCOME] 12,499,850
[OTHER-INCOME] 0
[EXPENSES-NET] 6,538,414
[NET-INVESTMENT-INCOME] 10,009,777
[REALIZED-GAINS-CURRENT] 29,798,572
[APPREC-INCREASE-CURRENT] 4,059,203
[NET-CHANGE-FROM-OPS] 43,867,552
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5,500,189
[DISTRIBUTIONS-OF-GAINS] 11,716,179
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 765,757
[NUMBER-OF-SHARES-REDEEMED] 1,633,537
[SHARES-REINVESTED] 853,742
[NET-CHANGE-IN-ASSETS] (19,951,345)
[ACCUMULATED-NII-PRIOR] 1,589,330
[ACCUMULATED-GAINS-PRIOR] 5,616,446
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,146,284
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,146,284
[AVERAGE-NET-ASSETS] 176,206,328
[PER-SHARE-NAV-BEGIN] 19.00
[PER-SHARE-NII] 00.57
[PER-SHARE-GAIN-APPREC] 01.71
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.92
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 19.36
[EXPENSE-RATIO] 01.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY STRATEGIC INVESTORS CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 316,471,942
[INVESTMENTS-AT-VALUE] 380,952,703
[RECEIVABLES] 4,769,465
[ASSETS-OTHER] 35,147
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 385,757,315
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 945,664
[TOTAL-LIABILITIES] 945,664
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 309,553,321
[SHARES-COMMON-STOCK] 10,433,620
[SHARES-COMMON-PRIOR] 11,883,207
[ACCUMULATED-NII-CURRENT] 1,049,534
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 9,728,035
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 64,480,761
[NET-ASSETS] 384,811,651
[DIVIDEND-INCOME] 4,048,341
[INTEREST-INCOME] 12,499,850
[OTHER-INCOME] 0
[EXPENSES-NET] 6,538,414
[NET-INVESTMENT-INCOME] 10,009,777
[REALIZED-GAINS-CURRENT] 29,798,572
[APPREC-INCREASE-CURRENT] 4,059,203
[NET-CHANGE-FROM-OPS] 43,867,552
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,954,084
[DISTRIBUTIONS-OF-GAINS] 13,687,366
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 794,793
[NUMBER-OF-SHARES-REDEEMED] 3,153,244
[SHARES-REINVESTED] 908,864
[NET-CHANGE-IN-ASSETS] (19,951,345)
[ACCUMULATED-NII-PRIOR] 1,589,330
[ACCUMULATED-GAINS-PRIOR] 5,616,446
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,146,284
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,146,284
[AVERAGE-NET-ASSETS] 210,030,082
[PER-SHARE-NAV-BEGIN] 19.05
[PER-SHARE-NII] 00.43
[PER-SHARE-GAIN-APPREC] 01.71
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.77
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 19.42
[EXPENSE-RATIO] 02.03
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY STRATEGIC INVESTORS CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 316,471,942
[INVESTMENTS-AT-VALUE] 380,952,703
[RECEIVABLES] 4,769,465
[ASSETS-OTHER] 35,147
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 385,757,315
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 945,664
[TOTAL-LIABILITIES] 945,664
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 309,553,321
[SHARES-COMMON-STOCK] 205,578
[SHARES-COMMON-PRIOR] 177,973
[ACCUMULATED-NII-CURRENT] 1,049,534
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 9,728,035
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 64,480,761
[NET-ASSETS] 384,811,651
[DIVIDEND-INCOME] 4,048,341
[INTEREST-INCOME] 12,499,850
[OTHER-INCOME] 0
[EXPENSES-NET] 6,538,414
[NET-INVESTMENT-INCOME] 10,009,777
[REALIZED-GAINS-CURRENT] 29,798,572
[APPREC-INCREASE-CURRENT] 4,059,203
[NET-CHANGE-FROM-OPS] 43,867,552
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 92,097
[DISTRIBUTIONS-OF-GAINS] 274,327
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 78,020
[NUMBER-OF-SHARES-REDEEMED] 74,564
[SHARES-REINVESTED] 24,149
[NET-CHANGE-IN-ASSETS] (19,951,345)
[ACCUMULATED-NII-PRIOR] 1,589,330
[ACCUMULATED-GAINS-PRIOR] 5,616,446
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,146,284
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,146,284
[AVERAGE-NET-ASSETS] 3,842,712
[PER-SHARE-NAV-BEGIN] 19.08
[PER-SHARE-NII] 00.44
[PER-SHARE-GAIN-APPREC] 01.71
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.77
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 19.46
[EXPENSE-RATIO] 02.01
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000787514
[NAME] SMITH BARNEY EQUITY FUNDS
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY STRATEGIC INVESTORS CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JAN-31-1997
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 316,471,942
[INVESTMENTS-AT-VALUE] 380,952,703
[RECEIVABLES] 4,769,465
[ASSETS-OTHER] 35,147
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 385,757,315
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 945,664
[TOTAL-LIABILITIES] 945,664
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 309,553,321
[SHARES-COMMON-STOCK] 7,380
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 1,049,534
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 9,728,035
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 64,480,761
[NET-ASSETS] 384,811,651
[DIVIDEND-INCOME] 4,048,341
[INTEREST-INCOME] 12,499,850
[OTHER-INCOME] 0
[EXPENSES-NET] 6,538,414
[NET-INVESTMENT-INCOME] 10,009,777
[REALIZED-GAINS-CURRENT] 29,798,572
[APPREC-INCREASE-CURRENT] 4,059,203
[NET-CHANGE-FROM-OPS] 43,867,552
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,203
[DISTRIBUTIONS-OF-GAINS] 9,111
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,860
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 520
[NET-CHANGE-IN-ASSETS] (19,951,345)
[ACCUMULATED-NII-PRIOR] 1,589,330
[ACCUMULATED-GAINS-PRIOR] 5,616,446
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,146,284
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,146,284
[AVERAGE-NET-ASSETS] 119,401
[PER-SHARE-NAV-BEGIN] 19.00
[PER-SHARE-NII] 00.51
[PER-SHARE-GAIN-APPREC] 01.69
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.81
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 19.39
[EXPENSE-RATIO] 00.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY EQUITY FUNDS
For the year ended January 31,1997
10f-3 Report
% of
Trade Purchase Fund % of
Issuer Date Selling Dealer Shares Price Assets Issue
Century Aluminum 3/29/96 Morgan Stanley 25,000 $13.00 0.08% 3.14%
Lucent Technologies 4/4/96 Morgan Stanley 10,000 $27.00
0.07% 0.26%
Atlas Air 5/7/96 Morgan Stanley 25,000 $45.75 0.29% 1.33%
Associates Capital Corp. 5/8/96 Coldman, Sachs 50,000 $29.00
0.37% 0.42%
Greenwich Air Services 6/5/96 Oppenheimer & Co.,Inc. 50,000
$25.00 0.32% 1.25%
Arden Realty Group 10/3/96 Lehman Brothers 37,000
$20.00 0.25% 0.22%
