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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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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2,887,555,335
[INVESTMENTS-AT-VALUE] 4,042,429,138
[RECEIVABLES] 9,494,693
[ASSETS-OTHER] 188,993,145
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,240,916,976
[PAYABLE-FOR-SECURITIES] 196,188,944
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,849,645
[TOTAL-LIABILITIES] 199,038,589
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,376,549,950
[SHARES-COMMON-STOCK] 159,183,918
[SHARES-COMMON-PRIOR] 163,392,466
[ACCUMULATED-NII-CURRENT] 24,813,039
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 485,641,595
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,154,873,803
[NET-ASSETS] 4,041,878,803
[DIVIDEND-INCOME] 31,982,395
[INTEREST-INCOME] 14,969,579
[OTHER-INCOME] 0
[EXPENSES-NET] 22,132,442
[NET-INVESTMENT-INCOME] 24,819,532
[REALIZED-GAINS-CURRENT] 403,914,318
[APPREC-INCREASE-CURRENT] 146,113,680
[NET-CHANGE-FROM-OPS] 574,847,530
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,515,410
[NUMBER-OF-SHARES-REDEEMED] 10,723,958
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (19,397,677)
[ACCUMULATED-NII-PRIOR] 41,854,488
[ACCUMULATED-GAINS-PRIOR] 272,194,030
[OVERDISTRIB-NII-PRIOR] 6,493
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,944,102
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 22,132,442
[AVERAGE-NET-ASSETS] 2,230,598,743
[PER-SHARE-NAV-BEGIN] 12.85
[PER-SHARE-NII] 00.11
[PER-SHARE-GAIN-APPREC] 02.04
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.00
[EXPENSE-RATIO] 00.95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2,887,555,335
[INVESTMENTS-AT-VALUE] 4,042,429,138
[RECEIVABLES] 9,494,693
[ASSETS-OTHER] 188,993,145
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,240,916,976
[PAYABLE-FOR-SECURITIES] 196,188,944
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,849,645
[TOTAL-LIABILITIES] 199,038,589
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,376,549,950
[SHARES-COMMON-STOCK] 88,855,060
[SHARES-COMMON-PRIOR] 88,543,916
[ACCUMULATED-NII-CURRENT] 24,813,039
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 485,641,595
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,154,873,803
[NET-ASSETS] 4,041,878,803
[DIVIDEND-INCOME] 31,982,395
[INTEREST-INCOME] 14,969,579
[OTHER-INCOME] 0
[EXPENSES-NET] 22,132,442
[NET-INVESTMENT-INCOME] 24,819,532
[REALIZED-GAINS-CURRENT] 403,914,318
[APPREC-INCREASE-CURRENT] 146,113,680
[NET-CHANGE-FROM-OPS] 574,847,530
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8,936,348
[NUMBER-OF-SHARES-REDEEMED] 8,625,204
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (19,397,677)
[ACCUMULATED-NII-PRIOR] 41,854,488
[ACCUMULATED-GAINS-PRIOR] 272,194,030
[OVERDISTRIB-NII-PRIOR] 6,493
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,944,102
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 22,132,442
[AVERAGE-NET-ASSETS] 1,222,025,037
[PER-SHARE-NAV-BEGIN] 12.81
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 02.03
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.89
[EXPENSE-RATIO] 01.74
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2,887,555,335
[INVESTMENTS-AT-VALUE] 4,042,429,138
[RECEIVABLES] 9,494,693
[ASSETS-OTHER] 188,993,145
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,240,916,976
[PAYABLE-FOR-SECURITIES] 196,188,944
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,849,645
[TOTAL-LIABILITIES] 199,038,589
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,376,549,950
[SHARES-COMMON-STOCK] 2,439,066
[SHARES-COMMON-PRIOR] 1,990,958
[ACCUMULATED-NII-CURRENT] 24,813,039
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 485,641,595
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,154,873,803
[NET-ASSETS] 4,041,878,803
[DIVIDEND-INCOME] 31,982,395
[INTEREST-INCOME] 14,969,579
[OTHER-INCOME] 0
[EXPENSES-NET] 22,132,442
[NET-INVESTMENT-INCOME] 24,819,532
[REALIZED-GAINS-CURRENT] 403,914,318
[APPREC-INCREASE-CURRENT] 146,113,680
[NET-CHANGE-FROM-OPS] 574,847,530
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 846,182
[NUMBER-OF-SHARES-REDEEMED] 398,074
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (19,397,677)
[ACCUMULATED-NII-PRIOR] 41,854,488
[ACCUMULATED-GAINS-PRIOR] 272,194,030
[OVERDISTRIB-NII-PRIOR] 6,493
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,944,102
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 22,132,442
[AVERAGE-NET-ASSETS] 30,659,940
[PER-SHARE-NAV-BEGIN] 12.81
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 02.03
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.89
[EXPENSE-RATIO] 01.73
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2,887,555,335
[INVESTMENTS-AT-VALUE] 4,042,429,138
[RECEIVABLES] 9,494,693
[ASSETS-OTHER] 188,993,145
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,240,916,976
[PAYABLE-FOR-SECURITIES] 196,188,944
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,849,645
[TOTAL-LIABILITIES] 199,038,589
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,376,549,950
[SHARES-COMMON-STOCK] 7,443,534
[SHARES-COMMON-PRIOR] 5,690,452
[ACCUMULATED-NII-CURRENT] 24,813,039
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 485,641,595
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,154,873,803
[NET-ASSETS] 4,041,878,803
[DIVIDEND-INCOME] 31,982,395
[INTEREST-INCOME] 14,969,579
[OTHER-INCOME] 0
[EXPENSES-NET] 22,132,442
[NET-INVESTMENT-INCOME] 24,819,532
[REALIZED-GAINS-CURRENT] 403,914,318
[APPREC-INCREASE-CURRENT] 146,113,680
[NET-CHANGE-FROM-OPS] 574,847,530
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,753,082
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (19,397,677)
[ACCUMULATED-NII-PRIOR] 41,854,488
[ACCUMULATED-GAINS-PRIOR] 272,194,030
[OVERDISTRIB-NII-PRIOR] 6,493
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,944,102
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 22,132,442
[AVERAGE-NET-ASSETS] 92,147,714
[PER-SHARE-NAV-BEGIN] 12.86
[PER-SHARE-NII] 00.12
[PER-SHARE-GAIN-APPREC] 02.06
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.04
[EXPENSE-RATIO] 00.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 2,887,555,335
[INVESTMENTS-AT-VALUE] 4,042,429,138
[RECEIVABLES] 9,494,693
[ASSETS-OTHER] 188,993,145
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 4,240,916,976
[PAYABLE-FOR-SECURITIES] 196,188,944
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,849,645
[TOTAL-LIABILITIES] 199,038,589
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,376,549,950
[SHARES-COMMON-STOCK] 12,145,009
[SHARES-COMMON-PRIOR] 11,887,327
[ACCUMULATED-NII-CURRENT] 24,813,039
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 485,641,595
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,154,873,803
[NET-ASSETS] 4,041,878,803
[DIVIDEND-INCOME] 31,982,395
[INTEREST-INCOME] 14,969,579
[OTHER-INCOME] 0
[EXPENSES-NET] 22,132,442
[NET-INVESTMENT-INCOME] 24,819,532
[REALIZED-GAINS-CURRENT] 403,914,318
[APPREC-INCREASE-CURRENT] 146,113,680
[NET-CHANGE-FROM-OPS] 574,847,530
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 658,842
[NUMBER-OF-SHARES-REDEEMED] 401,160
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (19,397,677)
[ACCUMULATED-NII-PRIOR] 41,854,488
[ACCUMULATED-GAINS-PRIOR] 272,194,030
[OVERDISTRIB-NII-PRIOR] 6,493
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,944,102
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 22,132,442
[AVERAGE-NET-ASSETS] 168,221,496
[PER-SHARE-NAV-BEGIN] 12.87
[PER-SHARE-NII] 00.13
[PER-SHARE-GAIN-APPREC] 02.05
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.05
[EXPENSE-RATIO] 00.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY APPRECIATION FUND INC.
10f-3 REPORT
January 1, 1997 through May 31, 1997
% of
Trade Selling Par Purchase Fund % of
Issuer Date Dealer Amount
Price Assets Issue
Vail Resorts Inc. 2/3/97 Bear Stearns 5,000
$22.00 0.003% 0.12%
Circuit City Stores 2/3/97 Morgan Stanley 15,000
20.00 0.008 0.07
Omni Quip 3/20/97 Morgan Stanley 150,000 14.00
0.0500 2.73
Hertz Corp. 4/25/97 JP Morgan Sec. 61,500
24.00 0.0400 0.31
Provident Cos. 5/5/97 Morgan Stanley 155,000
53.00 0.2100 2.87
Rambus Inc. 5/13/97 Morgan Stanley 250 12.00
0.0001 0.41
Hartford Life 5/21/97 Goldman Sachs 10,000
28.25 0.0100 0.26
RyanAir Holdings 5/29/97 Morgan Stanley 9,500
14.73 0.0040 0.05
