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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 B000008 13-5674085
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022 B000009 13-2638166
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<PAGE> PAGE 4
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SIGNATURE PAUL BROOK
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-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 3,700,977,342
[INVESTMENTS-AT-VALUE] 5,481,026,900
[RECEIVABLES] 5,905,480
[ASSETS-OTHER] 316,297,037
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,803,229,417
[PAYABLE-FOR-SECURITIES] 28,133,570
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 311,365,244
[TOTAL-LIABILITIES] 339,498,814
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,269,635,482
[SHARES-COMMON-STOCK] 193,761,214
[SHARES-COMMON-PRIOR] 193,252,744
[ACCUMULATED-NII-CURRENT] 17,879,163
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 396,166,400
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,780,049,558
[NET-ASSETS] 5,463,730,603
[DIVIDEND-INCOME] 26,506,502
[INTEREST-INCOME] 22,027,277
[OTHER-INCOME] 0
[EXPENSES-NET] 30,644,962
[NET-INVESTMENT-INCOME] 17,888,817
[REALIZED-GAINS-CURRENT] 402,270,388
[APPREC-INCREASE-CURRENT] 109,488,855
[NET-CHANGE-FROM-OPS] 529,648,060
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 86,223,516
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12,529,508
[NUMBER-OF-SHARES-REDEEMED] 17,193,007
[SHARES-REINVESTED] 5,171,969
[NET-CHANGE-IN-ASSETS] 537,765,840
[ACCUMULATED-NII-PRIOR] (9,654)
[ACCUMULATED-GAINS-PRIOR] 141,482,128
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,571,611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30,644,962
[AVERAGE-NET-ASSETS] 3,058,194,284
[PER-SHARE-NAV-BEGIN] 15.31
[PER-SHARE-NII] 00.07
[PER-SHARE-GAIN-APPREC] 01.59
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.51
[EXPENSE-RATIO] 00.93
[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-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 3,700,977,342
[INVESTMENTS-AT-VALUE] 5,481,026,900
[RECEIVABLES] 5,905,480
[ASSETS-OTHER] 316,297,037
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,803,229,417
[PAYABLE-FOR-SECURITIES] 28,133,570
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 311,365,244
[TOTAL-LIABILITIES] 339,498,814
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,269,635,482
[SHARES-COMMON-STOCK] 107,761,214
[SHARES-COMMON-PRIOR] 202,776,160
[ACCUMULATED-NII-CURRENT] 17,879,163
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 396,166,400
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,780,049,558
[NET-ASSETS] 5,463,730,603
[DIVIDEND-INCOME] 26,506,502
[INTEREST-INCOME] 22,027,277
[OTHER-INCOME] 0
[EXPENSES-NET] 30,644,962
[NET-INVESTMENT-INCOME] 17,888,817
[REALIZED-GAINS-CURRENT] 402,270,388
[APPREC-INCREASE-CURRENT] 109,488,855
[NET-CHANGE-FROM-OPS] 529,648,060
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 47,948,036
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12,500,654
[NUMBER-OF-SHARES-REDEEMED] 9,262,801
[SHARES-REINVESTED] 2,898,311
[NET-CHANGE-IN-ASSETS] 537,765,840
[ACCUMULATED-NII-PRIOR] (9,654)
[ACCUMULATED-GAINS-PRIOR] 141,482,128
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,571,611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30,644,962
[AVERAGE-NET-ASSETS] 1,646,122,415
[PER-SHARE-NAV-BEGIN] 15.26
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 01.58
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.39
[EXPENSE-RATIO] 01.72
[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-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 3,700,977,342
[INVESTMENTS-AT-VALUE] 5,481,026,900
[RECEIVABLES] 5,905,480
[ASSETS-OTHER] 316,297,037
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,803,229,417
[PAYABLE-FOR-SECURITIES] 28,133,570
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 311,365,244
[TOTAL-LIABILITIES] 339,498,814
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,269,635,482
[SHARES-COMMON-STOCK] 7,890,559
[SHARES-COMMON-PRIOR] 5,453,903
[ACCUMULATED-NII-CURRENT] 17,879,163
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 396,166,400
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,780,049,558
[NET-ASSETS] 5,463,730,603
[DIVIDEND-INCOME] 26,506,502
[INTEREST-INCOME] 22,027,277
[OTHER-INCOME] 0
[EXPENSES-NET] 30,644,962
[NET-INVESTMENT-INCOME] 17,888,817
[REALIZED-GAINS-CURRENT] 402,270,388
[APPREC-INCREASE-CURRENT] 109,488,855
[NET-CHANGE-FROM-OPS] 529,648,060
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 3,477,418
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,785,712
[NUMBER-OF-SHARES-REDEEMED] 561,647
[SHARES-REINVESTED] 212,591
[NET-CHANGE-IN-ASSETS] 537,765,840
[ACCUMULATED-NII-PRIOR] (9,654)
[ACCUMULATED-GAINS-PRIOR] 141,482,128
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,571,611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30,644,962
[AVERAGE-NET-ASSETS] 103,850,283
[PER-SHARE-NAV-BEGIN] 15.26
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 01.58
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.39
[EXPENSE-RATIO] 01.72
[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-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 3,700,977,342
[INVESTMENTS-AT-VALUE] 5,481,026,900
[RECEIVABLES] 5,905,480
[ASSETS-OTHER] 316,297,037
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,803,229,417
[PAYABLE-FOR-SECURITIES] 28,133,570
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 311,365,244
[TOTAL-LIABILITIES] 339,498,814
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,269,635,482
[SHARES-COMMON-STOCK] 5,998,702
[SHARES-COMMON-PRIOR] 5,698,007
[ACCUMULATED-NII-CURRENT] 17,879,163
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 396,166,400
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,780,049,558
[NET-ASSETS] 5,463,730,603
[DIVIDEND-INCOME] 26,506,502
[INTEREST-INCOME] 22,027,277
[OTHER-INCOME] 0
[EXPENSES-NET] 30,644,962
[NET-INVESTMENT-INCOME] 17,888,817
[REALIZED-GAINS-CURRENT] 402,270,388
[APPREC-INCREASE-CURRENT] 109,488,855
[NET-CHANGE-FROM-OPS] 529,648,060
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 2,726,212
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 468,372
[NUMBER-OF-SHARES-REDEEMED] 167,677
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 537,765,840
[ACCUMULATED-NII-PRIOR] (9,654)
[ACCUMULATED-GAINS-PRIOR] 141,482,128
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,571,611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30,644,962
[AVERAGE-NET-ASSETS] 95,386,395
[PER-SHARE-NAV-BEGIN] 15.28
[PER-SHARE-NII] 00.10
[PER-SHARE-GAIN-APPREC] 01.58
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.50
[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-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 3,700,977,342
[INVESTMENTS-AT-VALUE] 5,481,026,900
[RECEIVABLES] 5,905,480
[ASSETS-OTHER] 316,297,037
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 5,803,229,417
[PAYABLE-FOR-SECURITIES] 28,133,570
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 311,365,244
[TOTAL-LIABILITIES] 339,498,814
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,269,635,482
[SHARES-COMMON-STOCK] 16,204,234
[SHARES-COMMON-PRIOR] 15,931,792
[ACCUMULATED-NII-CURRENT] 17,879,163
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 396,166,400
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,780,049,558
[NET-ASSETS] 5,463,730,603
[DIVIDEND-INCOME] 26,506,502
[INTEREST-INCOME] 22,027,277
[OTHER-INCOME] 0
[EXPENSES-NET] 30,644,962
[NET-INVESTMENT-INCOME] 17,888,817
[REALIZED-GAINS-CURRENT] 402,270,388
[APPREC-INCREASE-CURRENT] 109,488,855
[NET-CHANGE-FROM-OPS] 529,648,060
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 7,210,934
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 804,280
[NUMBER-OF-SHARES-REDEEMED] 983,086
[SHARES-REINVESTED] 451,248
[NET-CHANGE-IN-ASSETS] 537,765,840
[ACCUMULATED-NII-PRIOR] (9,654)
[ACCUMULATED-GAINS-PRIOR] 141,482,128
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10,571,611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30,644,962
[AVERAGE-NET-ASSETS] 256,219,396
[PER-SHARE-NAV-BEGIN] 15.29
[PER-SHARE-NII] 00.10
[PER-SHARE-GAIN-APPREC] 01.59
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.52
[EXPENSE-RATIO] 00.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY APPRECIATION FUND INC.
10f-3 REPORT
September 1, 1998 through May 31, 1999
Trade Purchase
% of
Issuer Date Selling Dealer Shares Price
Issue
The Money Group Inc. 11/10/98 Goldman Sachs $940,000
$23.50 0.67%
Infinity Broadcasting 12/9/98 Merrill Lynch 10,250,000
20.50 1.27
Infinity Broadcasting 12/9/98 Merrill Lynch 10,250,000
20.50 1.32
Marketwatch.com 1/15/99 Alex Brown, DLJ 65,450
17.00 0.18
Enron 2/11/99 CS First Boston 3,134,375
62.6875 0.42
Autobytel.com 3/26/99 Alex Brown 18,400
23.00 0.02
Donaldson, Lufkin & Jenrette
Priceline.com 3/29/99 Morgan Stanley 320,000
16.00 0.35
Goldman Sachs 5/3/99 Goldman Sachs 1,616,500
53.00 0.18
