WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000764624
<NAME> SMITH BARNEY PREMIUM TOTAL RETURN CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                    2,357,782,081
<INVESTMENTS-AT-VALUE>                   3,082,773,681
<RECEIVABLES>                               17,003,113
<ASSETS-OTHER>                                     577
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           3,099,777,371
<PAYABLE-FOR-SECURITIES>                       299,790
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   66,541,729
<TOTAL-LIABILITIES>                         66,841,519
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 2,304,811,734
<SHARES-COMMON-STOCK>                      123,077,239
<SHARES-COMMON-PRIOR>                      116,123,502
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                    (58,520,333)
<ACCUMULATED-NET-GAINS>                     67,207,114
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   719,437,307
<NET-ASSETS>                             3,032,935,852
<DIVIDEND-INCOME>                           27,007,716
<INTEREST-INCOME>                           10,237,354
<OTHER-INCOME>                                       0
<EXPENSES-NET>                              17,886,712
<NET-INVESTMENT-INCOME>                     19,358,358
<REALIZED-GAINS-CURRENT>                    26,435,044
<APPREC-INCREASE-CURRENT>                  313,273,170
<NET-CHANGE-FROM-OPS>                      339,708,214
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   14,573,415
<DISTRIBUTIONS-OF-GAINS>                    57,171,375
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     10,374,378
<NUMBER-OF-SHARES-REDEEMED>                  6,245,730
<SHARES-REINVESTED>                          2,825,089
<NET-CHANGE-IN-ASSETS>                     359,066,572
<ACCUMULATED-NII-PRIOR>                        252,227
<ACCUMULATED-GAINS-PRIOR>                   54,879,768
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        6,454,801
<INTEREST-EXPENSE>                          11,431,911
<GROSS-EXPENSE>                             17,886,712
<AVERAGE-NET-ASSETS>                     2,179,912,560
<PER-SHARE-NAV-BEGIN>                            17.40
<PER-SHARE-NII>                                  00.12
<PER-SHARE-GAIN-APPREC>                          02.21
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.59
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              19.14
<EXPENSE-RATIO>                                  01.63
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>