13
Registration No. 2-
86519
811-3763
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
X
Pre-Effective Amendment No. _____
Post-Effective Amendment No. 19
X
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940
X
Amendment No. 19
X
SMITH BARNEY TELECOMMUNICATIONS TRUST
(Exact name of Registrant as Specified in Charter)
388 Greenwich Street, New York, New York, 10013
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code:
(212) 723-9218
Christina T. Sydor
Secretary
Smith Barney Telecommunications Trust
388 Greenwich Street
New York, New York 10013
(Name and Address of Agent of Service)
Approximate Date of Proposed Public Offering:
As soon as possible after this Post-Effective Amendment
becomes effective.
It is proposed that this filing will become effective:
__X___ immediately upon filing pursuant to Rule
485(b)
on pursuant to Rule 485(b)
60 days after filing pursuant to Rule 485(a)
on May 1, 1995 pursuant to Rule 485(a)
____________________________________________________________
_____________________
The Registrant has previously filed a declaration of
indefinite registration of its shares pursuant to Rule 24f-2
under the Investment Company Act of 1940, as amended.
Registrant's Rule 24f-2 Notice for the fiscal year ended
December 31, 1994 was filed on February 27, 1995.
SMITH BARNEY TELECOMMUNICATIONS TRUST
FORM N-IA
CROSS REFERENCE SHEET
PURSUANT TO RULE 495(a)
Part A.
Item No. Prospectus Caption
1. Cover Page Cover Page
2. Synopsis Prospectus Summary
3. Financial Highlights Financial Highlights
4. General Description of Cover Page; Prospectus
Registrant Summary;
Investment Objective and
Management Policies;
Additional Information
5. Management of the Fund Management of the (Fund and
the) Trust; The Growth
Fund's Expenses; Additional
Information; Annual Report
6. Capital Stock and Other Investment Objective and
Securities Management Policies;
Dividends, Distributions and
Taxes; Additional
Information
7. Purchase of Securities Purchase of Shares;Valuation
Being Offered* of Shares; Redemption of
Shares; Exchange Privilege;
Distributor; Additional
Information; Minimum Account
Size
8. Redemption or Repurchase Purchase of Shares;
Redemption of Shares
9. Pending Legal Not Applicable
Proceedings
* Information contained in the Growth Fund's Prospectus
only.
Part B Statement of
Item No. Additional Information
Caption
10. Cover Page Cover Page
11. Table of Contents Contents
12. General Information and Distributor; Additional
History Information
13. Investment Objectives Investment Objective and
and Policies Management Policies
14. Management of the Fund Management of the (Fund and
the) Trust; Distributor
15. Control Persons and Management of the (Fund and
Principal the) Trust
Holders of Securities
16. Investment Advisory and Management of the (Fund and
Other Services the) Trust; Distributor
17. Brokerage Allocation Investment Objective and
and Other Services Management Policies;
Distributor
18. Capital Stock and Other Purchase of Shares;
Securities Redemption of Shares; Taxes
19. Purchase, Redemption Purchase of Shares*;
and Pricing of Redemption of Shares;
Securities Being Valuation of Shares;
Offered Exchange Privilege;
Distributor
20. Tax Status Taxes
21. Underwriters Distributor
22. Calculation of Performance Data
Performance
23. Financial Statements Financial Statements
* Information contained in the Growth Fund's Statement of
Additional Information only.
SMITH BARNEY TELECOMMUNICATIONS TRUST
PART C
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
Included in Part A:
Growth and Income Funds:
Financial Highlights
Included in Part B:
Growth and Income Funds:
The Regristrant's Annual Report for the
fiscal year ended December 31, 1994 and the
Report of the Independent Accountants is
incorporated by reference to the Definitive
30-b2 filed on February 27, 1995.
Included in Part C:
Consent of Auditors
(b) Exhibits
Exhibit No. Description of Exhibit
All references are to the Registrant's
registration statement on Form N-1A (the
"Registration Statement") as filed with the
Securities and Exchange Commission on September
14, 1983. (File Nos. 811-3736 and 2-86519)
(1)(a) Second Amended and Restated Master Trust Agreement
and Declaration of Trust is incorporated by
reference to Registrant's Post-Effective Amendment
No. 14 as filed on
April 27, 1993 ("Post-Effective Amendment No.
14").
(b) Amendment No. 1 to the Second Amended and Restated
Master Trust Agreement is incorporated by
reference to the Registrant's Post Effective
Amendment No. 18 filed on February 28, 1995.
(c) Amendment No. 2 to the Second Amended and Restated
Master Trust Agreement is incorporated by
reference to the Regristrant's Post Effective
Amendment No. 18 filed on February 28, 1995.
(d) Amendment No. 3 to the Second Amended and Restated
Master Trust Agreement is incorporated by
reference to the Registrant's Post Effective
Amendment N0. 18 filed on February 18, 1995.
(2) Registrant's By-Laws incorporated by reference to
the Registration Statement.
(3) Not Applicable
(4)(a) Specimen Share Certificate for the Income Fund is
incorporated by reference to the Registration
Statement.
(b) Specimen Share Certificate for Class A and B
shares of Growth Fund is incorporated by reference
to Registration's Post-Effective Amendment No. 12
as filed on
October 20, 1992 ("Post-Effective Amendment No.
12").
(5)(a) Investment Advisory Agreements between the
Registrant and Smith Barney Strategy Advisers Inc.
dated June 16, 1994 and July 27, 1994 are
incorporated by reference to the Regristrant's
Post Effective Amendment No. 18 filed on February
28, 1995.
(b) Sub-Investment Advisory Agreements between the
Registrant, Smith Barney Strategy Advisers Inc.,
and The Boston Company Advisors, Inc. dated June
16, 1994 and July 27, 1994 are incorporated by
reference to the Registrant's Post Effective
Amendment No. 18 filed on February 28, 1995.
(6) Distribution Agreement between the Registrant and
Smith Barney Shearson Inc. as filed on July 30,
1993 is incorporated by reference to Post-
Effective Amendment No. 15 to the Registration
Statement.
(7) Not Applicable.
(8) Custody Agreement between Registrant and Boston
Safe Deposit and Trust Company is incorporated by
reference to Pre-Effective Amendment No. 1.
(9)(a) Transfer Agency Agreement dated August 2, 1993
between the Registrant and The Shareholder
Services Group, Inc. ("TSSG") is incorporated by
reference to Post-Effective Amendment No. 15 to
the Registration Statement.
(b) Administration Agreements dated April 21, 1994
between the Registrant and Smith, Barney Advisers,
Inc. are incorporated by reference to the
Registrant's Post Effective Amendment No. 18 filed
on February 28, 1995.
(c) Sub-Administration Agreements dated April 21, 1994
between the Registrant, Smith, Barney Advisers,
Inc. and The Boston Company Advisors, Inc. are
incorporated by reference to the Registrant's Post
Effective Amendment No. 18 filed on February 28,
1995.
(10) Not Applicable.
(11) Consent of Independent Accountants will be
herein .
(12) Not Applicable.
(13) Not Applicable.
(14) Not Applicable.
(15) Services and Distribution Plan for Smith Barney
Telecommunications Growth Fund pursuant to Rule
12b-1 is incorporated by reference to the
Registrant's Post Effective Amendment No. 18 filed
on February 28, 1995.
(16) Performance Data incorporated by reference to Post-
Effective Amendment No. 5 as filed on May 1, 1988
("Post-Effective Amendment No. 5").
Item 25. Persons Controlled by or under Common Control with
Registrant
None
Item 26. Number of Holders of Securities
(1) (2)
Number of Record Holders
Title of Class as of Aril 27,
1995
Shares of beneficial
interest, $.001 par value,
2,022
Income Fund
Shares of beneficial
interest $.001 par value, Class A
8,381
Growth Fund Class B
24,172
Class C
97
Item 27. Indemnification
Incorporated by reference to Registrant's Pre-Effective
Amendment No. 1 to its Registration Statement.
Item 28(a). Business and Other Connections of Investment
Adviser
Investment Adviser - - Smith Barney Strategy Advisers Inc.
Smith Barney Strategy Advisers Inc. ("Strategy Advisers")
was incorporated on October 22, 1986 under the laws of the
State of Delaware. On June 1, 1994, Strategy Advisers
changed its name from Smith Barney Shearson Strategy
Advisers Inc. to its current name. Strategy Advisers is a
wholly owned subsidiary of Smith Barney Mutual Funds
Management Inc. (formerly known as Smith, Barney Advisers,
Inc.) ("SBMFM"), which was incorporated under the laws of
the state of Delaware in 1968. SBMFM is a wholly owned
subsidiary of Smith Barney Holdings Inc. (formerly known as
Smith Barney Shearson Holdings Inc.), which in turn is a
wholly owned subsidiary of The Travelers Inc. (formerly know
as Primerica Corporation) ("Travelers"). Strategy Advisers
is registered as an investment adviser under the Investment
Adviser Act of 1940 (the "Advisers Act"). Strategy Advisers
is also registered with the Commodity Futures Trading
Commission (the "CFTC") as a commodity pool operator under
the Commodity Exchange Act (the "CEA"), and is a member of
the National Futures Association (the "NFA").
The list required by this Item 28 of officers and directors
of SBMFM and Strategy Advisers, together with information as
to any other business, profession, vocation or employment of
a substantial nature engaged in by such officers and
directors during the past two years, is incorporated by
reference to Schedules A and D of FORM ADV filed by SBMFM on
behalf of Strategy Advisers pursuant to the Advisers Act
(SEC File No. 801-8314).
Prior to the close of business on July 30, 1993 (the
"Closing"), Shearson Lehman Investment Strategy Advisors
Inc. ("Shearson Lehman Strategy Advisors"), was a wholly
owned subsidiary of Shearson Lehman Brothers Inc. ("Shearson
Lehman Brothers"), and served as the Registrant's investment
adviser. On the Closing, Travelers and Smith Barney Inc.
(formerly known as Smith Barney Shearson Inc.) acquired the
domestic retail brokerage and asset management business of
Shearson Lehman Brothers which included the business of the
Registrant's prior investment adviser. Shearson Lehman
Brothers was a wholly owned subsidiary of Shearson Lehman
Brothers Holdings Inc. ("Shearson Holdings"). All of the
issued and outstanding common stock of Shearson Holdings
(representing 92% of the voting stock) was held by American
Express Company. Information as to any past business
vocation or employment of a substantial nature engaged in by
officers and directors of Shearson Lehman Investment
Strategy Advisors can be located in Schedules A and D of
FORM ADV filed by Shearson Lehman Investment Strategy
Advisors prior to July 30, 1993. (SEC FILE NO. 801-28715)
11/01/94
Item 28(b). Business and Other Connections of Sub-
Investment Adviser
Sub- Investment Adviser -- The Boston Company
Advisors, Inc.
The Boston Company Advisors, Inc. ("Boston Advisors") is a
wholly owned subsidiary of The Boston Company, Inc., which
is in turn a wholly owned subsidiary of Mellon Bank
Corporation ("Mellon"). Mellon is a publicly owned
multibank holding company registered under the Federal Bank
Holding Company Act of 1956 and through its subsidiaries
Mellon provides a comprehensive range of financial products
and services in domestic and selected international markets.
Boston Advisors is an investment adviser registered under
the Investment Advisers Act of 1940 (the "Advisers Act") and
serves as investment counsel for individuals with
substantial capital, executors, trustees and institutions.
It also serves as investment adviser, sub-investment
adviser, administrator or sub-administrator to numerous
investment companies.
The list required by this Item 28 of officers and directors
of Boston Advisors, together with information as to any
other business profession, vocation or employment of a
substantial nature engaged in by such officers and directors
during the past two years, is incorporated by reference to
Schedules A and D of FORM ADV filed by Boston Advisors
pursuant to the Advisers Act (SEC File No. 801-14158).
8/30/94
Item 29. Principal Underwriters
Smith Barney Inc. ("Smith Barney") currently acts as
distributor for Smith Barney Managed Municipals Fund Inc.,
Smith Barney New York Municipals Fund Inc., Smith Barney
California Municipals Fund Inc., Smith Barney Massachusetts
Municipals Fund, Smith Barney Global Opportunities Fund,
Smith Barney Aggressive Growth Fund Inc., Smith Barney
Appreciation Fund Inc., Smith Barney Principal Return Fund,
Smith Barney Income Funds, Smith Barney Equity Funds, Smith
Barney Investment Funds Inc., Smith Barney Precious Metals
and Minerals Fund Inc., Smith Barney Telecommunications
Trust, Smith Barney Arizona Municipals Fund Inc., Smith
Barney New Jersey Municipals Fund Inc., The USA High Yield
Fund N.V., Garzarelli Sector Analysis Portfolio N.V., Smith
Barney Fundamental Value Fund Inc., Smith Barney Series
Fund, Consulting Group Capital Markets Funds, Smith Barney
Income Trust, Smith Barney Adjustable Rate Government Income
Fund, Smith Barney Florida Municipals Fund, Smith Barney
Oregon Municipals Fund, Smith Barney Funds, Inc., Smith
Barney Muni Funds, Smith Barney World Funds, Inc., Smith
Barney Money Funds, Inc., Smith Barney Municipal Money
Market Fund, Inc., Smith Barney Variable Account Funds,
Smith Barney U.S. Dollar Reserve Fund (Cayman), Worldwide
Special Fund, N.V., Worldwide Securities Limited, (Bermuda),
Smith Barney International Fund (Luxembourg) and various
series of unit investment trusts.
Smith Barney is a wholly owned subsidiary of Smith
Barney Holdings Inc., which in turn is a wholly owned
subsidiary of The Travelers Inc. (formerly known as
Primerica Corporation). The information required by this
Item 29 with respect to each director, officer and partner
of Smith Barney is incorporated by reference to Schedule A
of FORM BD filed by Smith Barney pursuant to the Securities
Exchange Act of 1934 (SEC File No. 812-8510).
01/01/95
Item 30. Location of Accountants and Record
(1) Smith Barney Telecommunications Trust
388 Greenwich Street
New York, New York 10013
(2) Smith Barney Strategy Advisers Inc.
388 Greenwich Street
New York, New York 10013
(3) Smith Barney Mutual Funds Management Inc.
388 Greenwich Street
New York, New York 10013
(4) The Boston Company Advisors, Inc.
One Boston Place
Boston, Massachusetts 02108
(5) Boston Safe Deposit and Trust Company
One Cabot Road
Medford, Massachusetts 02155
(6) The Shareholder Services Group, Inc.
One Exchange Place
Boston, Massachusetts 02109
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
The Registrant undertakes to furnish each person, to
whom a prospectus is delivered, with a copy of the
Registrant's latest Annual Report to shareholders upon
request and without charge.
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, as amended, and the Investment Company Act of 1940, as
amended, the Registrant, SMITH BARNEY TELECOMMUNICATIONS
TRUST has duly caused this Amendment to the Registration
Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York,
State of New York on the 1rst day of May, 1995.
SMITH BARNEY
TELECOMMUNICATIONS TRUST
By:/s/ Heath B. McLendon
Heath B. McLendon
Chief Executive Officer
We, the undersigned, hereby severally constitute and
appoint Heath B. McLendon, Christina T. Sydor and Lee D.
Augsburger and each of them singly, our true and lawful
attorneys, with full power to them and each of them to sign
for us, and in our hands and in the capacities indicated
below, any and all Amendments to this Registration Statement
and to file the same, with all exhibits thereto, and other
documents therewith, with the Securities and Exchange
Commission, granting unto said attorneys, and each of them,
acting alone, full authority and power to do and perform
each and every act and thing requisite or necessary to be
done in the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and
confirming all that said attorneys or any of them may
lawfully do or cause to be done by virtue thereof.
WITNESS our hands on the date set forth below.
Pursuant to the requirements of the Securities Act of
1933, as amended, this Amendment to the Registration
Statement and the above Power of Attorney has been signed
below by the following persons in the capacities and on the
dates indicated.
Signature Title Date
/s/ Heath B. McLendon Chairman of the Board
5/1/95
Heath B. McLendon (Chief Executive Officer)
/s/ Lewis E. Daidone* Senior Vice President and
5/1/95
Lewis E. Daidone Treasurer(Chief Financial
and Accounting Officer)
/s/ Paul R. Ades* Trustee
5/1/95
Paul R. Ades
/s/ Herbert Barg* Trustee
5/1/95
Herbert Barg
Signature Title Date
/s/ Alger B. Chapman* Trustee
5/1/95
Alger B. Chapman
/s/ Dwight B. Crane* Trustee
5/1/95
Dwight B. Crane
/s/ Frank Hubbard* Trustee
5/1/95
Frank Hubbard
/s/ Allan R. Johnson* Trustee
5/1/95
Allan R. Johnson
/s/ Ken Miller* Trustee
5/1/95
Ken Miller
/s/ John F. White* Trustee
5/1/95
John F. White
*Signed by Heath B. McLendon, their
duly authorized attorney-in-fact,
pursuant to power of attorney dated
April 27, 1995.
CONSENT OF INDEPENDENT ACCOUNTANTS
To the Trustees of
Smith Barney Telecommunications Trust:
We hereby consent to the following with respect to
Post-Effective Amendment No. 19 to the Registration
Statement on
Form N-1A (File No. 2-86519) under the Securities Act of
1933,
as amended, of Smith Barney Telecommunications Trust
(formerly
Smith Barney Shearson Telecommunications Trust)
(Telecommunications Growth Fund and Telecommunications
Income
Fund):
1. The incorporation by reference of our reports dated
February
3, 1995 accompanying the Annual Reports for the year ended
December 31, 1994 of Smith Barney Telecommunications Trust
(Telecommunications Growth Fund and Telecommunications
Income
Fund), in the Statement of Additional Information.
2. The reference to our firm under the heading "Financial
Highlights" in the Prospectuses.
3. The reference to our firm under the heading "Counsel and
Auditors" in the Statement of Additional Information.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
April 28, 1995
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY TELECOMMUNICATIONS GROWTH FUND CLASS
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[INVESTMENTS-AT-COST] 254,994,120
[INVESTMENTS-AT-VALUE] 270,070,642
[RECEIVABLES] 638,800
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 1,001
[TOTAL-ASSETS] 270,710,443
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 661,031
[TOTAL-LIABILITIES] 661,031
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 262,478,800
[SHARES-COMMON-STOCK] 7,047,820
[SHARES-COMMON-PRIOR] 6,029,686
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (7,505,910)
[ACCUM-APPREC-OR-DEPREC] 15,076,522
[NET-ASSETS] 270,049,412
[DIVIDEND-INCOME] 1,717,758
[INTEREST-INCOME] 847,139
[OTHER-INCOME] 0
[EXPENSES-NET] 4,894,368
[NET-INVESTMENT-INCOME] (2,329,471)
[REALIZED-GAINS-CURRENT] (5,848,735)
[APPREC-INCREASE-CURRENT] (10,566,252)
[NET-CHANGE-FROM-OPS] (18,744,458)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 910,324
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,118,919
[NUMBER-OF-SHARES-REDEEMED] 1,170,354
[SHARES-REINVESTED] 69,569
[NET-CHANGE-IN-ASSETS] 35,704,438
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (1,431,650)
[GROSS-ADVISORY-FEES] 1,481,035
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,894,368
[AVERAGE-NET-ASSETS] 269,279,177
[PER-SHARE-NAV-BEGIN] 12.86
[PER-SHARE-NII] 0.04
[PER-SHARE-GAIN-APPREC] (0.78)
[PER-SHARE-DIVIDEND] 0.13
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 11.91
[EXPENSE-RATIO] 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY TELECOMMUNICATIONS GROWTH FUND CLASS
</TABLE>
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[INVESTMENTS-AT-COST] 254,994,120
[INVESTMENTS-AT-VALUE] 270,070,642
[RECEIVABLES] 638,800
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 1,001
[TOTAL-ASSETS] 270,710,443
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 661,031
[TOTAL-LIABILITIES] 661,031
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 262,478,800
[SHARES-COMMON-STOCK] 15,740,770
[SHARES-COMMON-PRIOR] 12,279,495
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (7,505,910)
[ACCUM-APPREC-OR-DEPREC] 15,076,522
[NET-ASSETS] 270,049,412
[DIVIDEND-INCOME] 1,717,758
[INTEREST-INCOME] 847,139
[OTHER-INCOME] 0
[EXPENSES-NET] 4,894,368
[NET-INVESTMENT-INCOME] (2,329,471)
[REALIZED-GAINS-CURRENT] (5,848,735)
[APPREC-INCREASE-CURRENT] (10,566,252)
[NET-CHANGE-FROM-OPS] (18,744,458)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 540,581
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,989,940
[NUMBER-OF-SHARES-REDEEMED] 3,572,347
[SHARES-REINVESTED] 43,682
[NET-CHANGE-IN-ASSETS] 35,704,438
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (1,431,650)
[GROSS-ADVISORY-FEES] 1,481,035
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,894,368
[AVERAGE-NET-ASSETS] 269,279,177
[PER-SHARE-NAV-BEGIN] 12.77
[PER-SHARE-NII] (0.14)
[PER-SHARE-GAIN-APPREC] (0.78)
[PER-SHARE-DIVIDEND] 0.03
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 11.82
[EXPENSE-RATIO] 2.07
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY TELECOMMUNICATIONS GROWTH FUND CLASS
</TABLE>
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[INVESTMENTS-AT-COST] 254,994,120
[INVESTMENTS-AT-VALUE] 270,070,642
[RECEIVABLES] 638,800
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 1,001
[TOTAL-ASSETS] 270,710,443
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 661,031
[TOTAL-LIABILITIES] 661,031
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 262,478,800
[SHARES-COMMON-STOCK] 12,601
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (7,505,910)
[ACCUM-APPREC-OR-DEPREC] 15,076,522
[NET-ASSETS] 270,049,412
[DIVIDEND-INCOME] 1,717,758
[INTEREST-INCOME] 847,139
[OTHER-INCOME] 0
[EXPENSES-NET] 4,894,368
[NET-INVESTMENT-INCOME] (2,329,471)
[REALIZED-GAINS-CURRENT] (5,848,735)
[APPREC-INCREASE-CURRENT] (10,566,252)
[NET-CHANGE-FROM-OPS] (18,744,458)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 392
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12,569
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 32
[NET-CHANGE-IN-ASSETS] 35,704,438
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (1,431,650)
[GROSS-ADVISORY-FEES] 1,481,035
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,894,368
[AVERAGE-NET-ASSETS] 269,279,177
[PER-SHARE-NAV-BEGIN] 12.70
[PER-SHARE-NII] (0.01)
[PER-SHARE-GAIN-APPREC] (0.66)
[PER-SHARE-DIVIDEND] 0.03
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.00
[EXPENSE-RATIO] 2.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 0
[NAME] SMITH BARNEY TELECOMMUNICATIONS INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[INVESTMENTS-AT-COST] 19,761,652
[INVESTMENTS-AT-VALUE] 63,258,402
[RECEIVABLES] 269,212
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 75
[TOTAL-ASSETS] 63,527,689
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,271,891
[TOTAL-LIABILITIES] 2,271,891
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 17,757,298
[SHARES-COMMON-STOCK] 640,586
[SHARES-COMMON-PRIOR] 665,030
[ACCUMULATED-NII-CURRENT] 2,029
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (279)
[ACCUM-APPREC-OR-DEPREC] 43,496,750
[NET-ASSETS] 61,255,798
[DIVIDEND-INCOME] 3,170,861
[INTEREST-INCOME] 37,736
[OTHER-INCOME] 0
[EXPENSES-NET] 643,925
[NET-INVESTMENT-INCOME] 2,564,672
[REALIZED-GAINS-CURRENT] 2,301,557
[APPREC-INCREASE-CURRENT] (6,098,126)
[NET-CHANGE-FROM-OPS] (1,231,897)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,586,120
[DISTRIBUTIONS-OF-GAINS] 3,845,896
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,714
[NUMBER-OF-SHARES-REDEEMED] 46,981
[SHARES-REINVESTED] 15,823
[NET-CHANGE-IN-ASSETS] (9,082,207)
[ACCUMULATED-NII-PRIOR] 23,477
[ACCUMULATED-GAINS-PRIOR] 1,285,724
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 29,312
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,271,891
[AVERAGE-NET-ASSETS] 67,534,454
[PER-SHARE-NAV-BEGIN] 107.62
[PER-SHARE-NII] 4.01
[PER-SHARE-GAIN-APPREC] (5.90)
[PER-SHARE-DIVIDEND] 4.39
[PER-SHARE-DISTRIBUTIONS] 5.72
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 95.62
[EXPENSE-RATIO] 0.95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
