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SIGNATURE THOMAS REYNOLDS
TITLE CONTROLLER
March 17, 1995
Securities and Exchange Commission
450 5th Street, N.W.
Washington, DC 20549
Gentlemen:
We have read statements numbered two, three and four in
the attached letter from Smith Barney Managed
Governments Fund, which we understand will be filed
with the Commission, pursuant to Item 77K of Form N-
SAR, as an annex to the Funds Form N-SAR report for
the year ended July 31, 1995. We agree with the
statements referenced above concerning our Firm in such
Form N-SAR.
Very truly yours,
Cooper & Lybrand L.L.P.
Exhibit
77k
Smith Barney Managed Governments Fund
Changes in Registrants Certifying Account
1. On October 19, 1994, based upon the
recommendation of the Audit Committee of
the Registrants Board of Directors, and in
accordance with Section 32 of the Investment
Company Act of 1940, as amended, and the rules
thereunder, the Board of Directors determined
not to retain Coopers & Lybrand L.L.P. (Cooper
& Lybrand)
as the Registrants
independent accountants and voted to appoint KPMG
Peat Marwick Registrants independent accountants
for the fiscal year ending July 31, 1995.
2. During the Registrants two most recent
fiscal years ending July 31, 1994, Coopers &
Lybrands reports on the Registrants
financial statements contained no adverse opinion or
disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or
accounting principles.
3. During the Registrants two most recent
fiscal years ending July 31, 1994, and through
October 19, 1994, there were no disagreements
with Coopers & Lybrand on any matter of accounting
principles or practices, financial statement
disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the
satisfaction of Coopers & Lybrand, would have
caused it to make reference to the subject matter
of the disagreement in connection with it report.
4. During the Registrants two most recent
fiscal years and through October 19, 1994, there
have been no reportable events as such term is
described in Item 304 (a)(1)(v) of Regulation SK
with respect to Coopers & Lybrand.
5. On October 19, 1994, the Registrant engaged
KPMG
Peat Marwick LLP as its principal accountants to
audit the Registrants financial statements.
During the Registrants two most recent years
through October 19, 1994, the Registrant has not
consulted with KPMG Peat Marwick LLP on
items which (i) concerned
the
application of accounting principles to a
specified transaction, either completed or
proposed, or the type of audit opinion that
might be rendered on the
Registrants financial statements or (ii)
concerned the subject matter of a disagreement
or reportable event with Coopers & Lybrand.
6. The Registrant has requested Coopers &
Lybrand
to
furnish it with a letter addressed to the
Securities and Exchange Commission stating
whether Coopers & Lybrand agrees with the
statements contained in the second, third and
fourth paragraph above. A copy of the letter
from Coopers & Lybrand the Securities and
Exchange Commission is filed as Annex I hereto.
