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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000764624
<NAME> SMITH BARNEY PREMIUM TOTAL RETURN FUND. CLASS L
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                    3,417,095,300
<INVESTMENTS-AT-VALUE>                   4,487,565,228
<RECEIVABLES>                               12,586,721
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                       386,208,502
<TOTAL-ASSETS>                           4,886,360,451
<PAYABLE-FOR-SECURITIES>                    17,868,582
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                  651,128,769
<TOTAL-LIABILITIES>                        668,997,351
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 3,149,419,580
<SHARES-COMMON-STOCK>                        1,196,364
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                    3,257,921
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     73,920,269
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   990,765,330
<NET-ASSETS>                             4,217,363,100
<DIVIDEND-INCOME>                           78,162,999
<INTEREST-INCOME>                           34,274,819
<OTHER-INCOME>                                       0
<EXPENSES-NET>                              64,801,575
<NET-INVESTMENT-INCOME>                     47,636,243
<REALIZED-GAINS-CURRENT>                   400,749,678
<APPREC-INCREASE-CURRENT>                (219,828,757)
<NET-CHANGE-FROM-OPS>                      228,557,164
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     1,610,035
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,194,003
<NUMBER-OF-SHARES-REDEEMED>                     64,490
<SHARES-REINVESTED>                             66,851
<NET-CHANGE-IN-ASSETS>                      69,617,668
<ACCUMULATED-NII-PRIOR>                      2,451,865
<ACCUMULATED-GAINS-PRIOR>                   33,267,800
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                       23,785,495
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                             64,801,575
<AVERAGE-NET-ASSETS>                        16,815,957
<PER-SHARE-NAV-BEGIN>                            23.06
<PER-SHARE-NII>                                  00.06
<PER-SHARE-GAIN-APPREC>                          00.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (1.82)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              21.29
<EXPENSE-RATIO>                                  01.82
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>