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<PAGE> PAGE 2
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<PAGE> PAGE 7
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SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> Smith Barney Appreciation Fund Inc. - Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 2,189,342,266
<INVESTMENTS-AT-VALUE> 2,554,700,113
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<PAID-IN-CAPITAL-COMMON> 2,136,751,001
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<ACCUMULATED-NET-GAINS> 53,090,046
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 56,210,598
<INTEREST-INCOME> 17,105,388
<OTHER-INCOME> 0
<EXPENSES-NET> 36,892,859
<NET-INVESTMENT-INCOME> 36,423,127
<REALIZED-GAINS-CURRENT> 173,322,683
<APPREC-INCREASE-CURRENT> (239,245,191)
<NET-CHANGE-FROM-OPS> (29,499,381)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,831,343
<DISTRIBUTIONS-OF-GAINS> 92,601,153
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 32,594,240
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<SERIES>
[NUMBER]
<NAME> Smith Barney Appreciation Fund Inc. - Class B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
[INVESTMENTS-AT-COST] 2,189,342,266
[INVESTMENTS-AT-VALUE] 2,554,700,113
[RECEIVABLES] 20,413,769
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 450
[TOTAL-ASSETS] 2,575,114,332
[PAYABLE-FOR-SECURITIES] 8,744,290
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 9,530,235
[TOTAL-LIABILITIES] 18,274,525
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,136,751,001
[SHARES-COMMON-STOCK] 75,052,109
[SHARES-COMMON-PRIOR] 116,897,466
[ACCUMULATED-NII-CURRENT] 1,640,913
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 53,090,046
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 365,357,847
[NET-ASSETS] 2,556,839,807
[DIVIDEND-INCOME] 56,210,598
[INTEREST-INCOME] 17,105,388
[OTHER-INCOME] 0
[EXPENSES-NET] 36,892,859
[NET-INVESTMENT-INCOME] 36,423,127
[REALIZED-GAINS-CURRENT] 173,322,683
[APPREC-INCREASE-CURRENT] (239,245,191)
[NET-CHANGE-FROM-OPS] (29,499,381)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,728,136
[DISTRIBUTIONS-OF-GAINS] 41,989,861
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13,930,876
[NUMBER-OF-SHARES-REDEEMED] 60,436,380
[SHARES-REINVESTED] 4,660,147
[NET-CHANGE-IN-ASSETS] (486,464,769)
[ACCUMULATED-NII-PRIOR] 1,861,667
[ACCUMULATED-GAINS-PRIOR] 20,185,034
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 12,564,785
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 36,892,859
[AVERAGE-NET-ASSETS] 2,780,637,409
[PER-SHARE-NAV-BEGIN] 11.00
[PER-SHARE-NII] 0.13
[PER-SHARE-GAIN-APPREC] (0.29)
[PER-SHARE-DIVIDEND] 0.10
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[PER-SHARE-NAV-END] 10.14
[EXPENSE-RATIO] 1.80
[AVG-DEBT-OUTSTANDING] 0
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<ARTICLE> 6
<SERIES>
[NUMBER]
<NAME> Smith Barney Appreciation Fund Inc. - Class C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
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[INVESTMENTS-AT-VALUE] 2,554,700,113
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[ASSETS-OTHER] 0
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[TOTAL-LIABILITIES] 18,274,525
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,136,751,001
[SHARES-COMMON-STOCK] 496,923
[SHARES-COMMON-PRIOR] 201,255
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[NET-INVESTMENT-INCOME] 36,423,127
[REALIZED-GAINS-CURRENT] 173,322,683
[APPREC-INCREASE-CURRENT] (239,245,191)
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<ARTICLE> 6
<SERIES>
[NUMBER]
<NAME> Smith Barney Appreciation Fund Inc. - Class Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
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[SHARES-COMMON-STOCK] 9,998,137
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[ACCUMULATED-NII-CURRENT] 1,640,913
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 53,090,046
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[ACCUM-APPREC-OR-DEPREC] 365,357,847
[NET-ASSETS] 2,556,839,807
[DIVIDEND-INCOME] 56,210,598
[INTEREST-INCOME] 17,105,388
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[EXPENSES-NET] 36,892,859
[NET-INVESTMENT-INCOME] 36,423,127
[REALIZED-GAINS-CURRENT] 173,322,683
[APPREC-INCREASE-CURRENT] (239,245,191)
[NET-CHANGE-FROM-OPS] (29,499,381)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,034,314
[DISTRIBUTIONS-OF-GAINS] 5,551,517
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[NUMBER-OF-SHARES-SOLD] 2,221,990
[NUMBER-OF-SHARES-REDEEMED] 7,290,364
[SHARES-REINVESTED] 746,636
[NET-CHANGE-IN-ASSETS] (468,464,769)
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</TABLE>
