[ARTICLE] 6
[CIK] 0000874835
[NAME] SMITH BARNEY SERIES FUND
[SERIES]
   [NUMBER] 4
   [NAME] APPRECIATION
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1996
[PERIOD-END]                               DEC-31-1996
[INVESTMENTS-AT-COST]                       76,410,007
[INVESTMENTS-AT-VALUE]                     101,446,964
[RECEIVABLES]                                  167,156
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             101,614,120
[PAYABLE-FOR-SECURITIES]                       151,277
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      231,015
[TOTAL-LIABILITIES]                            382,292
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    66,990,988
[SHARES-COMMON-STOCK]                        6,384,643
[SHARES-COMMON-PRIOR]                        6,568,278
[ACCUMULATED-NII-CURRENT]                    1,531,228
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                      7,672,655
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    25,036,957
[NET-ASSETS]                               101,231,828
[DIVIDEND-INCOME]                            1,814,716
[INTEREST-INCOME]                              557,473
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 828,170
[NET-INVESTMENT-INCOME]                      1,544,019
[REALIZED-GAINS-CURRENT]                     7,668,200
[APPREC-INCREASE-CURRENT]                    8,004,471
[NET-CHANGE-FROM-OPS]                       17,216,690
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    1,469,949
[DISTRIBUTIONS-OF-GAINS]                     6,744,126
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        400,926
[NUMBER-OF-SHARES-REDEEMED]                  1,094,435
[SHARES-REINVESTED]                            509,874
[NET-CHANGE-IN-ASSETS]                       6,740,000
[ACCUMULATED-NII-PRIOR]                      1,457,158
[ACCUMULATED-GAINS-PRIOR]                    6,748,581
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          536,120
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                828,170
[AVERAGE-NET-ASSETS]                        97,228,369
[PER-SHARE-NAV-BEGIN]                            14.39
[PER-SHARE-NII]                                  00.27
[PER-SHARE-GAIN-APPREC]                          02.60
[PER-SHARE-DIVIDEND]                             00.25
[PER-SHARE-DISTRIBUTIONS]                        01.15
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              15.86
[EXPENSE-RATIO]                                  01.72
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>