<PAGE> PAGE 1
000 A000000 05/31/96
000 C000000 841489
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY PRINCIPAL RETURN FUNDS
001 B000000 811-5678
001 C000000 2128166577
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 SERIES 2000
007 C030100 N
007 C010200 2
007 C020200 SERIES 1998
007 C030200 N
007 C010300 3
007 C020300 SERIES 1996
007 C030300 Y
007 C010400 4
007 C020400 SECURITY & GROWTH
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 SMITH BARNEY
010 B00AA01 801-14437
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10013
011 A00AA01 SMITH BARNEY
011 B00AA01 8-1777
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10013
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
<PAGE> PAGE 2
012 B00AA01 84-9999
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10013
015 A00AA01 PNC BANK
015 B00AA01 C
015 C01AA01 PHILIDELPHIA
015 C02AA01 PA
015 C03AA01 19103
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 127
019 C00AA00 BARNEY0000
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 65
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 30
020 A000003 AUTRANET
020 B000003 13-3488904
020 C000003 27
020 A000004 MORGAN STANLEY
020 B000004 13-2655998
020 C000004 21
020 A000005 CS FIRST BOSTON
020 C000005 18
020 A000006 YORKTON SECURITIES
020 C000006 13
020 A000007 INSTINET
020 B000007 13-3443395
020 C000007 12
020 A000008 ROBERTSON SECURITIES
020 C000008 6
020 A000009 LEHMAN BROTHERS
020 C000009 4
020 A000010 VAN KASPER
020 C000010 4
021 000000 200
022 A000001 CS FIRST BOSTON
022 C000001 203016
022 D000001 294
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002 21511
022 D000002 179285
<PAGE> PAGE 3
022 A000003 CHEMICAL SECURITIES
022 B000003 13-5227302
022 C000003 165038
022 D000003 0
022 A000004 CITIBANK
022 B000004 13-5266470
022 C000004 137208
022 D000004 0
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 10362
022 D000005 7378
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006 8247
022 D000006 8324
022 A000007 PRUDENTIAL SECURITIES
022 C000007 12001
022 D000007 3178
022 A000008 CHASE MANHATTAN
022 C000008 892
022 D000008 0
022 A000009 DONALDSON, LUFKIN, JENRETTE
022 C000009 0
022 D000009 588
022 A000010 MONTGOMERY SECURITIES
022 C000010 0
022 D000010 422
023 C000000 558275
023 D000000 199469
024 00AA00 N
027 000000 Y
077 A000000 N
078 000000 N
080 A00AA00 FIDELITY BOND/ICI MUTUTAL INSURANCE
080 C00AA00 78275
081 A00AA00 Y
081 B00AA00 114
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 4
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 804
028 B010100 0
028 B020100 2230
028 B030100 0
028 B040100 1146
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 766
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 1076
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 1037
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 1222
028 G010100 0
028 G020100 2230
028 G030100 0
028 G040100 6051
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 100
042 F000100 0
<PAGE> PAGE 5
042 G000100 0
042 H000100 0
043 000100 188
044 000100 0
045 000100 Y
046 000100 Y
047 000100 Y
048 000100 0.004
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 Y
053 A000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
<PAGE> PAGE 6
062 L000100 0.0
062 M000100 53.5
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 3.7
064 A000100 N
064 B000100 N
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 0
071 B000100 6685
071 C000100 74778
071 D000100 0
072 A000100 6
072 B000100 1509
072 C000100 6
072 D000100 0
072 E000100 0
072 F000100 148
072 G000100 74
072 H000100 0
072 I000100 48
072 J000100 3
072 K000100 0
072 L000100 8
072 M000100 5
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 9
072 S000100 3
072 T000100 93
072 U000100 13
072 V000100 0
072 W000100 24
072 X000100 432
072 Y000100 0
072 Z000100 1083
072AA000100 101
072BB000100 0
072CC010100 1627
072CC020100 0
<PAGE> PAGE 7
072DD010100 2280
072DD020100 0
072EE000100 0
073 A010100 0.2789
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 39434
074 E000100 0
074 F000100 34339
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 6
074 N000100 73779
074 O000100 0
074 P000100 397
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 110
074 S000100 0
074 T000100 73272
074 U010100 7833
074 U020100 0
074 V010100 9.35
074 V020100 0.00
074 W000100 0.0000
074 X000100 7
074 Y000100 0
075 A000100 0
075 B000100 74033
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 977
028 B010200 0
028 B020200 4762
028 B030200 0
028 B040200 1660
028 C010200 0
028 C020200 0
028 C030200 0
<PAGE> PAGE 8
028 C040200 1117
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 1087
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 1015
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 1393
028 G010200 0
028 G020200 4762
028 G030200 0
028 G040200 7249
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 100
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 485
044 000200 0
045 000200 Y
046 000200 Y
047 000200 Y
048 000200 0.008
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
<PAGE> PAGE 9
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 Y
053 A000200 N
058 A000200 N
061 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 1.4
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 63.5
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 2.6
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
<PAGE> PAGE 10
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 186673
071 B000200 195066
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 40
072 C000200 357
072 D000200 0
072 E000200 2266
072 F000200 145
072 G000200 97
072 H000200 7
072 I000200 60
072 J000200 5
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 5
072 O000200 0
<PAGE> PAGE 11
072 P000200 0
072 Q000200 0
072 R000200 14
072 S000200 0
072 T000200 121
072 U000200 4
072 V000200 11
072 W000200 37
072 X000200 507
072 Y000200 0
072 Z000200 2156
072AA000200 3241
072BB000200 127
072CC010200 11793
072CC020200 0
072DD010200 4869
072DD020200 0
072EE000200 0
073 A010200 0.3900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 1137
074 C000200 0
074 D000200 59363
074 E000200 0
074 F000200 34070
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 292
074 K000200 0
074 L000200 103
074 M000200 0
074 N000200 94965
074 O000200 118
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 166
074 S000200 0
074 T000200 94681
074 U010200 12140
074 U020200 0
074 V010200 7.80
074 V020200 0.00
074 W000200 0.0000
074 X000200 0
<PAGE> PAGE 12
074 Y000200 0
075 A000200 0
075 B000200 95783
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 1019
028 B010300 0
028 B020300 3908
028 B030300 0
028 B040300 1178
028 C010300 0
028 C020300 7282
028 C030300 0
028 C040300 5624
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 58205
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 0
028 G020300 11190
028 G030300 0
028 G040300 66026
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 Y
040 000300 N
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
<PAGE> PAGE 13
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.300
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 Y
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
<PAGE> PAGE 14
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
064 A000300 N
064 B000300 N
066 A000300 Y
066 C000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
<PAGE> PAGE 15
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 200
072 C000300 555
072 D000300 0
072 E000300 4957
072 F000300 115
072 G000300 77
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 460
072 X000300 652
072 Y000300 0
072 Z000300 5060
072AA000300 11648
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 9121
072DD020300 0
072EE000300 16473
073 A010300 0.1005
073 A020300 0.0000
073 B000300 0.8981
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
<PAGE> PAGE 16
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 0
076 000300 0.00
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 10280
028 B010400 0
028 B020400 9609
028 B030400 0
028 B040400 12773
028 C010400 0
028 C020400 0
028 C030400 0
028 C040400 7621
028 D010400 0
028 D020400 0
028 D030400 0
028 D040400 7936
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 7061
028 F010400 0
028 F020400 0
<PAGE> PAGE 17
028 F030400 0
028 F040400 11229
028 G010400 0
028 G020400 9609
028 G030400 0
028 G040400 56900
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.050
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 Y
053 A000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
<PAGE> PAGE 18
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 44.6
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 55.4
063 A000400 246
063 B000400 0.0
064 A000400 N
064 B000400 N
066 A000400 Y
066 D000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 76175
071 B000400 111739
071 C000400 307081
071 D000400 25
072 A000400 6
072 B000400 6063
072 C000400 91
072 D000400 0
072 E000400 0
072 F000400 730
072 G000400 0
072 H000400 0
072 I000400 175
072 J000400 9
072 K000400 0
072 L000400 50
072 M000400 6
072 N000400 83
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 6
072 S000400 6
072 T000400 365
072 U000400 0
072 V000400 0
072 W000400 180
072 X000400 1610
072 Y000400 0
072 Z000400 4544
072AA000400 14380
072BB000400 0
<PAGE> PAGE 19
072CC010400 12639
072CC020400 0
072DD010400 9799
072DD020400 0
072EE000400 0
073 A010400 0.3500
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 13490
074 C000400 0
074 D000400 127663
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 144834
074 J000400 387
074 K000400 0
074 L000400 30
074 M000400 61
074 N000400 286465
074 O000400 1931
074 P000400 128
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 284406
074 U010400 24676
074 U020400 0
074 V010400 11.50
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 0
075 B000400 294932
076 000400 0.00
SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000841489
[NAME] SMITH BARNEY PRINCIPAL RETURN FUND
[SERIES]
[NUMBER] 3
[NAME] SERIES 1996
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] NOV-30-1996
[PERIOD-END] MAY-31-1996
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 0
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 7,464,369
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 0
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 0
[NET-INVESTMENT-INCOME] 0
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 0
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 9,120,575
[DISTRIBUTIONS-OF-GAINS] 16,473,079
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 8,938,398
[SHARES-REINVESTED] 1,468,349
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 0
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 0
[PER-SHARE-NAV-BEGIN] 0
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0
[EXPENSE-RATIO] 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000841489
[NAME] SMITH BARNEY PRINCIPAL RETURN FUND
[SERIES]
[NUMBER] 2
[NAME] PRINCIPAL RETURN 1998
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] NOV-30-1996
[PERIOD-END] MAY-31-1996
[INVESTMENTS-AT-COST] 82,777,070
[INVESTMENTS-AT-VALUE] 94,570,145
[RECEIVABLES] 394,772
[ASSETS-OTHER] 266
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 94,965,183
[PAYABLE-FOR-SECURITIES] 118,244
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 165,663
[TOTAL-LIABILITIES] 283,907
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 76,790,265
[SHARES-COMMON-STOCK] 12,139,536
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 1,859,022
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 4,238,914
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11,793,075
[NET-ASSETS] 94,681,276
[DIVIDEND-INCOME] 356,534
[INTEREST-INCOME] 39,918
[OTHER-INCOME] 2,266,348
[EXPENSES-NET] 506,929
[NET-INVESTMENT-INCOME] 2,156,170
[REALIZED-GAINS-CURRENT] 3,114,055
[APPREC-INCREASE-CURRENT] 11,793,075
[NET-CHANGE-FROM-OPS] 0
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,869,461
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 955,409
[SHARES-REINVESTED] 628,189
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 4,572,313
[ACCUMULATED-GAINS-PRIOR] 1,124,859
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 145,372
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 506,629
[AVERAGE-NET-ASSETS] 95,782,515
[PER-SHARE-NAV-BEGIN] 7.91
[PER-SHARE-NII] 0.17
[PER-SHARE-GAIN-APPREC] 0.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.39
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 7.80
[EXPENSE-RATIO] 1.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000841489
[NAME] SMITH BARNEY PRINCIPAL RETURN FUND
[SERIES]
[NUMBER] 1
[NAME] PRINCIPAL RETURN 2000
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] NOV-30-1996
[PERIOD-END] MAY-31-1996
[INVESTMENTS-AT-COST] 54,305,054
[INVESTMENTS-AT-VALUE] 73,773,231
[RECEIVABLES] 0
[ASSETS-OTHER] 6372
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 73,779,605
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 507,312
[TOTAL-LIABILITIES] 507,312
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 52,099,097
[SHARES-COMMON-STOCK] 7,832,985
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 928,421
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 776,597
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 19,468,178
[NET-ASSETS] 73,272,293
[DIVIDEND-INCOME] 6,000
[INTEREST-INCOME] 1,508,930
[OTHER-INCOME] 0
[EXPENSES-NET] 432,259
[NET-INVESTMENT-INCOME] 1,082,671
[REALIZED-GAINS-CURRENT] 100,669
[APPREC-INCREASE-CURRENT] 1,627,049
[NET-CHANGE-FROM-OPS] 2,810,389
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,280,172
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 665,975
[SHARES-REINVESTED] 245,628
[NET-CHANGE-IN-ASSETS] (3,290,886)
[ACCUMULATED-NII-PRIOR] 2,125,922
[ACCUMULATED-GAINS-PRIOR] 675,928
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 148,200
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 74,033,000
[PER-SHARE-NAV-BEGIN] 9.28
[PER-SHARE-NII] 0.14
[PER-SHARE-GAIN-APPREC] 0.21
[PER-SHARE-DIVIDEND] 0.28
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.35
[EXPENSE-RATIO] 1.17
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000841489
[NAME] SMITH BARNEY PRINCIPAL RETURN FUND
[SERIES]
[NUMBER] 4
[NAME] SECURITY AND GROWTH FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] NOV-30-1996
[PERIOD-END] MAY-31-1996
[INVESTMENTS-AT-COST] 247,281,640
[INVESTMENTS-AT-VALUE] 285,987,272
[RECEIVABLES] 416,742
[ASSETS-OTHER] 280
[OTHER-ITEMS-ASSETS] 61,246
[TOTAL-ASSETS] 286,465,540
[PAYABLE-FOR-SECURITIES] 1,930,568
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 645,377
[TOTAL-LIABILITIES] 2,584,945
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 228,172,396
[SHARES-COMMON-STOCK] 24,676,160
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 2,946,014
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,031,877
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 38,705,632
[NET-ASSETS] 283,880,595
[DIVIDEND-INCOME] 91,000
[INTEREST-INCOME] 5,972,346
[OTHER-INCOME] 0
[EXPENSES-NET] 1,609,950
[NET-INVESTMENT-INCOME] 4,453,396
[REALIZED-GAINS-CURRENT] 14,127,196
[APPREC-INCREASE-CURRENT] 38,705,632
[NET-CHANGE-FROM-OPS] 31,219,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 9,799,435
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 5,249,656
[SHARES-REINVESTED] 908,228
[NET-CHANGE-IN-ASSETS] (25,941,521)
[ACCUMULATED-NII-PRIOR] 8,292,053
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 95,319
[GROSS-ADVISORY-FEES] 729,888
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,609,950
[AVERAGE-NET-ASSETS] 294,932,135
[PER-SHARE-NAV-BEGIN] 10.68
[PER-SHARE-NII] 0.53
[PER-SHARE-GAIN-APPREC] 0.64
[PER-SHARE-DIVIDEND] 0.35
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.50
[EXPENSE-RATIO] 1.09
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
