[ARTICLE] 6
[CIK] 0000874835
[NAME] SMITH BARNEY SERIES FUND
[SERIES]
   [NUMBER] 4
   [NAME] APPRECIATION PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1997
[PERIOD-END]                               JUN-30-1997
[INVESTMENTS-AT-COST]                       84,156,336
[INVESTMENTS-AT-VALUE]                     120,058,147
[RECEIVABLES]                                  457,092
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             120,515,239
[PAYABLE-FOR-SECURITIES]                       790,390
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      107,154
[TOTAL-LIABILITIES]                            897,544
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    68,489,361
[SHARES-COMMON-STOCK]                        6,467,623
[SHARES-COMMON-PRIOR]                        6,384,643
[ACCUMULATED-NII-CURRENT]                    2,584,012
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                     12,642,511
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    35,901,811
[NET-ASSETS]                               119,617,695
[DIVIDEND-INCOME]                              937,546
[INTEREST-INCOME]                              544,602
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 433,819
[NET-INVESTMENT-INCOME]                      1,048,329
[REALIZED-GAINS-CURRENT]                     4,974,311
[APPREC-INCREASE-CURRENT]                   10,864,854
[NET-CHANGE-FROM-OPS]                       16,887,494
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        464,791
[NUMBER-OF-SHARES-REDEEMED]                    381,811
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      18,385,867
[ACCUMULATED-NII-PRIOR]                      1,535,683
[ACCUMULATED-GAINS-PRIOR]                    7,668,200
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          297,845
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                433,819
[AVERAGE-NET-ASSETS]                       109,305,722
[PER-SHARE-NAV-BEGIN]                            15.86
[PER-SHARE-NII]                                  00.16
[PER-SHARE-GAIN-APPREC]                          02.47
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              18.49
[EXPENSE-RATIO]                                  00.80
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>