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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 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-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 3,156,570,209
[INVESTMENTS-AT-VALUE] 4,706,568,319
[RECEIVABLES] 14,274,653
[ASSETS-OTHER] 727
[OTHER-ITEMS-ASSETS] 418,954,419
[TOTAL-ASSETS] 5,139,798,118
[PAYABLE-FOR-SECURITIES] 17,331,690
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 422,293,732
[TOTAL-LIABILITIES] 439,625,422
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,849,856,750
[SHARES-COMMON-STOCK] 185,619,735
[SHARES-COMMON-PRIOR] 181,451,832
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 22,748,867
[ACCUMULATED-NET-GAINS] 277,568,969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,549,998,110
[NET-ASSETS] 4,700,172,696
[DIVIDEND-INCOME] 27,954,610
[INTEREST-INCOME] 21,372,290
[OTHER-INCOME] 0
[EXPENSES-NET] 26,552,193
[NET-INVESTMENT-INCOME] 22,774,707
[REALIZED-GAINS-CURRENT] 278,908,626
[APPREC-INCREASE-CURRENT] 233,582,634
[NET-CHANGE-FROM-OPS] 535,265,697
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 969,048
[DISTRIBUTIONS-OF-GAINS] 45,856,095
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 17,537,520
[NUMBER-OF-SHARES-REDEEMED] 16,285,053
[SHARES-REINVESTED] 2,915,436
[NET-CHANGE-IN-ASSETS] 465,393,956
[ACCUMULATED-NII-PRIOR] 1,962,348
[ACCUMULATED-GAINS-PRIOR] 73,965,098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,350,264
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26,552,193
[AVERAGE-NET-ASSETS] 2,695,430,582
[PER-SHARE-NAV-BEGIN] 13.92
[PER-SHARE-NII] 00.09
[PER-SHARE-GAIN-APPREC] 01.70
[PER-SHARE-DIVIDEND] 00.01
[PER-SHARE-DISTRIBUTIONS] 00.25
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.45
[EXPENSE-RATIO] 00.94
[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-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 3,156,570,209
[INVESTMENTS-AT-VALUE] 4,706,568,319
[RECEIVABLES] 14,274,653
[ASSETS-OTHER] 727
[OTHER-ITEMS-ASSETS] 418,954,419
[TOTAL-ASSETS] 5,139,798,118
[PAYABLE-FOR-SECURITIES] 17,331,690
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 422,293,732
[TOTAL-LIABILITIES] 439,625,422
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,849,856,750
[SHARES-COMMON-STOCK] 96,593,009
[SHARES-COMMON-PRIOR] 101,607,793
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 22,748,867
[ACCUMULATED-NET-GAINS] 277,568,969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,549,998,110
[NET-ASSETS] 4,700,172,696
[DIVIDEND-INCOME] 27,954,610
[INTEREST-INCOME] 21,372,290
[OTHER-INCOME] 0
[EXPENSES-NET] 26,552,193
[NET-INVESTMENT-INCOME] 22,774,707
[REALIZED-GAINS-CURRENT] 278,908,626
[APPREC-INCREASE-CURRENT] 233,582,634
[NET-CHANGE-FROM-OPS] 535,265,697
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 23,862,462
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,771,977
[NUMBER-OF-SHARES-REDEEMED] 14,284,506
[SHARES-REINVESTED] 1,497,745
[NET-CHANGE-IN-ASSETS] 465,393,956
[ACCUMULATED-NII-PRIOR] 1,962,348
[ACCUMULATED-GAINS-PRIOR] 73,965,098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,350,264
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26,552,193
[AVERAGE-NET-ASSETS] 1,460,808,805
[PER-SHARE-NAV-BEGIN] 13.88
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 01.68
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.25
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.35
[EXPENSE-RATIO] 01.71
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000089558
[NAME] SMITH BARNEY APPRECIATION FUND INC. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 3,156,570,209
[INVESTMENTS-AT-VALUE] 4,706,568,319
[RECEIVABLES] 14,274,653
[ASSETS-OTHER] 727
[OTHER-ITEMS-ASSETS] 418,954,419
[TOTAL-ASSETS] 5,139,798,118
[PAYABLE-FOR-SECURITIES] 17,331,690
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 422,293,732
[TOTAL-LIABILITIES] 439,625,422
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,849,856,750
[SHARES-COMMON-STOCK] 3,930,787
[SHARES-COMMON-PRIOR] 3,449,192
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 22,748,867
[ACCUMULATED-NET-GAINS] 277,568,969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,549,998,110
[NET-ASSETS] 4,700,172,696
[DIVIDEND-INCOME] 27,954,610
[INTEREST-INCOME] 21,372,290
[OTHER-INCOME] 0
[EXPENSES-NET] 26,552,193
[NET-INVESTMENT-INCOME] 22,774,707
[REALIZED-GAINS-CURRENT] 278,908,626
[APPREC-INCREASE-CURRENT] 233,582,634
[NET-CHANGE-FROM-OPS] 535,265,697
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,964,132
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,139,854
[NUMBER-OF-SHARES-REDEEMED] 719,595
[SHARES-REINVESTED] 61,336
[NET-CHANGE-IN-ASSETS] 465,393,956
[ACCUMULATED-NII-PRIOR] 1,962,348
[ACCUMULATED-GAINS-PRIOR] 73,965,098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,350,264
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26,552,193
[AVERAGE-NET-ASSETS] 53,974,488
[PER-SHARE-NAV-BEGIN] 13.88
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 01.68
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.25
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.35
[EXPENSE-RATIO] 01.71
[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-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 3,156,570,209
[INVESTMENTS-AT-VALUE] 4,706,568,319
[RECEIVABLES] 14,274,653
[ASSETS-OTHER] 727
[OTHER-ITEMS-ASSETS] 418,954,419
[TOTAL-ASSETS] 5,139,798,118
[PAYABLE-FOR-SECURITIES] 17,331,690
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 422,293,732
[TOTAL-LIABILITIES] 439,625,422
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,849,856,750
[SHARES-COMMON-STOCK] 4,489,296
[SHARES-COMMON-PRIOR] 4,040,851
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 22,748,867
[ACCUMULATED-NET-GAINS] 277,568,969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,549,998,110
[NET-ASSETS] 4,700,172,696
[DIVIDEND-INCOME] 27,954,610
[INTEREST-INCOME] 21,372,290
[OTHER-INCOME] 0
[EXPENSES-NET] 26,552,193
[NET-INVESTMENT-INCOME] 22,774,707
[REALIZED-GAINS-CURRENT] 278,908,626
[APPREC-INCREASE-CURRENT] 233,582,634
[NET-CHANGE-FROM-OPS] 535,265,697
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 246,596
[DISTRIBUTIONS-OF-GAINS] 1,118,378
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 448,445
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 465,393,956
[ACCUMULATED-NII-PRIOR] 1,962,348
[ACCUMULATED-GAINS-PRIOR] 73,965,098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,350,264
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26,552,193
[AVERAGE-NET-ASSETS] 64,152,521
[PER-SHARE-NAV-BEGIN] 13.93
[PER-SHARE-NII] 00.12
[PER-SHARE-GAIN-APPREC] 01.70
[PER-SHARE-DIVIDEND] 00.06
[PER-SHARE-DISTRIBUTIONS] 00.25
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.44
[EXPENSE-RATIO] 00.58
[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-31-1998
[PERIOD-END] JUN-30-1998
[INVESTMENTS-AT-COST] 3,156,570,209
[INVESTMENTS-AT-VALUE] 4,706,568,319
[RECEIVABLES] 14,274,653
[ASSETS-OTHER] 727
[OTHER-ITEMS-ASSETS] 418,954,419
[TOTAL-ASSETS] 5,139,798,118
[PAYABLE-FOR-SECURITIES] 17,331,690
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 422,293,732
[TOTAL-LIABILITIES] 439,625,422
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2,849,856,750
[SHARES-COMMON-STOCK] 14,192,072
[SHARES-COMMON-PRIOR] 13,917,395
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 22,748,867
[ACCUMULATED-NET-GAINS] 277,568,969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,549,998,110
[NET-ASSETS] 4,700,172,696
[DIVIDEND-INCOME] 27,954,610
[INTEREST-INCOME] 21,372,290
[OTHER-INCOME] 0
[EXPENSES-NET] 26,552,193
[NET-INVESTMENT-INCOME] 22,774,707
[REALIZED-GAINS-CURRENT] 278,908,626
[APPREC-INCREASE-CURRENT] 233,582,634
[NET-CHANGE-FROM-OPS] 535,265,697
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 772,544
[DISTRIBUTIONS-OF-GAINS] 3,503,688
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 571,921
[NUMBER-OF-SHARES-REDEEMED] 574,202
[SHARES-REINVESTED] 276,958
[NET-CHANGE-IN-ASSETS] 465,393,956
[ACCUMULATED-NII-PRIOR] 1,962,348
[ACCUMULATED-GAINS-PRIOR] 73,965,098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 9,350,264
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26,552,193
[AVERAGE-NET-ASSETS] 212,357,495
[PER-SHARE-NAV-BEGIN] 13.94
[PER-SHARE-NII] 00.12
[PER-SHARE-GAIN-APPREC] 01.71
[PER-SHARE-DIVIDEND] 00.06
[PER-SHARE-DISTRIBUTIONS] 00.25
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.46
[EXPENSE-RATIO] 00.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY APPRECIATION FUND INC.
10f-3 REPORT
March 1, 1998 through May 31, 1998
Trade Purchase % of
Issuer Date Selling Dealer Shares Price
Issue
Evolving Systems 5/11/98 Goldman Sachs 4,500 $14.00
0.22%
Young & Rubicam Inc. 5/12/98 Donaldson, Lufkin & Jenrette 47,000
25.00 0.60
Snyder Communications 5/20/98 Merrill Lynch 100,000
42.00 1.43
