<PAGE> PAGE 1
000 B000000 12/31/1998
000 C000000 721648
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SMITH BARNEY TELECOMMUNICATIONS TRUST
001 B000000 811-3763
001 C000000 2128166577
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 SMITH BARNEY TELECOMMUNICATION INCOME FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MUTUAL MANAGEMENT CORP.
008 B00AA01 A
008 C00AA01 801-14437
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10013
010 A00AA01 MUTUAL MANAGEMENT CORP.
010 B00AA01 801-14437
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10013
011 A00AA01 SMITH BARNEY INC.
011 B00AA01 8-81777
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10013
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
<PAGE> PAGE 2
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02205
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
015 A00AA01 PNC BANK, N.A.
015 B00AA01 C
015 C01AA01 PHILIDELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
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019 C00AA00 BARNEY0000
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022 C000001 30588
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022 C000002 11357
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022 C000003 2037
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
070 F010100 Y
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
042 H000200 0
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<PAGE> PAGE 10
068 B000200 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE PAUL BROOK
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000721648
[NAME] SMITH BARNEY TELECOMMUNICATIONS INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 10,705,231
[INVESTMENTS-AT-VALUE] 96,475,012
[RECEIVABLES] 86,509
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 96,561,577
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 108,366
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 7,156,007
[SHARES-COMMON-STOCK] 547,397
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 20,906
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 3,505,970
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 85,769,781
[NET-ASSETS] 96,453,211
[DIVIDEND-INCOME] 1,915,758
[INTEREST-INCOME] 10,806
[OTHER-INCOME] 0
[EXPENSES-NET] 713,537
[NET-INVESTMENT-INCOME] 1,213,027
[REALIZED-GAINS-CURRENT] 10,018,475
[APPREC-INCREASE-CURRENT] 24,594,298
[NET-CHANGE-FROM-OPS] 35,825,798
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,189,940
[DISTRIBUTIONS-OF-GAINS] 11,691,275
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 35,263
[SHARES-REINVESTED] 36,069
[NET-CHANGE-IN-ASSETS] 35,825,798
[ACCUMULATED-NII-PRIOR] 1,577,412
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 441,033
[INTEREST-EXPENSE] 013,537
[GROSS-EXPENSE] 713,537
[AVERAGE-NET-ASSETS] 80,326
[PER-SHARE-NAV-BEGIN] 134.06
[PER-SHARE-NII] 02.26
[PER-SHARE-GAIN-APPREC] 64.18
[PER-SHARE-DIVIDEND] 02.22
[PER-SHARE-DISTRIBUTIONS] 22.08
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 176.20
[EXPENSE-RATIO] 00.89
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Trustees of
Smith Barney Telecommunications Trust:
In planning and performing our audit of the financial statements
of the Smith Barney Telecommunications Income Fund (the "Fund")
of Smith Barney Telecommunications Trust for the year ended
December 31, 1998, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for
safeguarding securities that we consider to be material
weaknesses as defined above.
This report is intended solely for the information and use of
management, the Board of Trustees of the Fund, and the Securities
and Exchange Commission.
February 8, 1999
