[ARTICLE] 6
[CIK] 0000764624
[NAME] SMITH BARNEY PREMIUM TOTAL RETURN CLASS B
<TABLE>
<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>