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<PAGE> PAGE 2
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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 7
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<PAGE> PAGE 8
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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENTS FUND INC. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUL-31-1998
[PERIOD-END] JAN-31-1999
[INVESTMENTS-AT-COST] 619,158,213
[INVESTMENTS-AT-VALUE] 627,483,796
[RECEIVABLES] 322,002,438
[ASSETS-OTHER] 131,898
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 943,618,132
[PAYABLE-FOR-SECURITIES] 400,217,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,813,767
[TOTAL-LIABILITIES] 402,031,734
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 557,121,397
[SHARES-COMMON-STOCK] 29,397,011
[SHARES-COMMON-PRIOR] 32,290,057
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,316,529
[ACCUMULATED-NET-GAINS] (16,514,053)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,325,583
[NET-ASSETS] 541,586,398
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,955,453
[OTHER-INCOME] 0
[EXPENSES-NET] 5,940,082
[NET-INVESTMENT-INCOME] 32,015,371
[REALIZED-GAINS-CURRENT] 30,990,214
[APPREC-INCREASE-CURRENT] (33,401,741)
[NET-CHANGE-FROM-OPS] 29,103,844
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 24,224,724
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 16,954,331
[NUMBER-OF-SHARES-REDEEMED] 21,101,340
[SHARES-REINVESTED] 1,253,963
[NET-CHANGE-IN-ASSETS] (56,791,283)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (47,534,267)
[OVERDISTRIB-NII-PRIOR] 13,750
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,616,039
[INTEREST-EXPENSE] (698,652)
[GROSS-EXPENSE] 5,940,082
[AVERAGE-NET-ASSETS] 390,132,031
[PER-SHARE-NAV-BEGIN] 12.84
[PER-SHARE-NII] 00.75
[PER-SHARE-GAIN-APPREC] (0.06)
[PER-SHARE-DIVIDEND] 00.80
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.73
[EXPENSE-RATIO] 01.16
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENTS FUND INC. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUL-31-1998
[PERIOD-END] JAN-31-1999
[INVESTMENTS-AT-COST] 619,158,213
[INVESTMENTS-AT-VALUE] 627,483,796
[RECEIVABLES] 322,002,438
[ASSETS-OTHER] 131,898
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 943,618,132
[PAYABLE-FOR-SECURITIES] 400,217,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,813,767
[TOTAL-LIABILITIES] 402,031,734
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 557,121,397
[SHARES-COMMON-STOCK] 5,809,348
[SHARES-COMMON-PRIOR] 7,535,886
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,316,529
[ACCUMULATED-NET-GAINS] (16,514,053)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,325,583
[NET-ASSETS] 541,586,398
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,955,453
[OTHER-INCOME] 0
[EXPENSES-NET] 5,940,082
[NET-INVESTMENT-INCOME] 32,015,371
[REALIZED-GAINS-CURRENT] 30,990,214
[APPREC-INCREASE-CURRENT] (33,401,741)
[NET-CHANGE-FROM-OPS] 29,103,844
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,797,297
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 466,979
[NUMBER-OF-SHARES-REDEEMED] 2,428,219
[SHARES-REINVESTED] 234,702
[NET-CHANGE-IN-ASSETS] (56,791,283)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (47,534,267)
[OVERDISTRIB-NII-PRIOR] 13,750
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,616,039
[INTEREST-EXPENSE] (698,652)
[GROSS-EXPENSE] 5,940,082
[AVERAGE-NET-ASSETS] 84,149,880
[PER-SHARE-NAV-BEGIN] 12.84
[PER-SHARE-NII] 00.67
[PER-SHARE-GAIN-APPREC] (0.05)
[PER-SHARE-DIVIDEND] 00.73
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.73
[EXPENSE-RATIO] 01.69
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENTS FUND INC. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUL-31-1998
[PERIOD-END] JAN-31-1999
[INVESTMENTS-AT-COST] 619,158,213
[INVESTMENTS-AT-VALUE] 627,483,796
[RECEIVABLES] 322,002,438
[ASSETS-OTHER] 131,898
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 943,618,132
[PAYABLE-FOR-SECURITIES] 400,217,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,813,767
[TOTAL-LIABILITIES] 402,031,734
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 557,121,397
[SHARES-COMMON-STOCK] 220,935
[SHARES-COMMON-PRIOR] 145,307
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,316,529
[ACCUMULATED-NET-GAINS] (16,514,053)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,325,583
[NET-ASSETS] 541,586,398
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,955,453
[OTHER-INCOME] 0
[EXPENSES-NET] 5,940,082
[NET-INVESTMENT-INCOME] 32,015,371
[REALIZED-GAINS-CURRENT] 30,990,214
[APPREC-INCREASE-CURRENT] (33,401,741)
[NET-CHANGE-FROM-OPS] 29,103,844
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 137,427
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 118,157
[NUMBER-OF-SHARES-REDEEMED] 50,435
[SHARES-REINVESTED] 7,906
[NET-CHANGE-IN-ASSETS] (56,791,283)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (47,534,267)
[OVERDISTRIB-NII-PRIOR] 13,750
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,616,039
[INTEREST-EXPENSE] (698,652)
[GROSS-EXPENSE] 5,940,082
[AVERAGE-NET-ASSETS] 2,341,568
[PER-SHARE-NAV-BEGIN] 12.84
[PER-SHARE-NII] 00.67
[PER-SHARE-GAIN-APPREC] (0.04)
[PER-SHARE-DIVIDEND] 00.74
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.73
[EXPENSE-RATIO] 01.62
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000748826
[NAME] SMITH BARNEY MANAGED GOVERNMENTS FUND INC. CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] JUL-31-1998
[PERIOD-END] JAN-31-1999
[INVESTMENTS-AT-COST] 619,158,213
[INVESTMENTS-AT-VALUE] 627,483,796
[RECEIVABLES] 322,002,438
[ASSETS-OTHER] 131,898
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 943,618,132
[PAYABLE-FOR-SECURITIES] 400,217,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,813,767
[TOTAL-LIABILITIES] 402,031,734
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 557,121,397
[SHARES-COMMON-STOCK] 7,128,618
[SHARES-COMMON-PRIOR] 6,634,456
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,316,529
[ACCUMULATED-NET-GAINS] (16,514,053)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,325,583
[NET-ASSETS] 541,586,398
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,955,453
[OTHER-INCOME] 0
[EXPENSES-NET] 5,940,082
[NET-INVESTMENT-INCOME] 32,015,371
[REALIZED-GAINS-CURRENT] 30,990,214
[APPREC-INCREASE-CURRENT] (33,401,741)
[NET-CHANGE-FROM-OPS] 29,103,844
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5,245,166
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,050,274
[NUMBER-OF-SHARES-REDEEMED] 2,556,109
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (56,791,283)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (47,534,267)
[OVERDISTRIB-NII-PRIOR] 13,750
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,616,039
[INTEREST-EXPENSE] (698,652)
[GROSS-EXPENSE] 5,940,082
[AVERAGE-NET-ASSETS] 80,797,188
[PER-SHARE-NAV-BEGIN] 12.84
[PER-SHARE-NII] 00.80
[PER-SHARE-GAIN-APPREC] (0.06)
[PER-SHARE-DIVIDEND] 00.84
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.74
[EXPENSE-RATIO] 00.82
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Trustees of
the Smith Barney Managed Governments Fund Inc.:
In planning and performing our audit of the financial statements of the
Smith Barney Managed
Governments Fund Inc. (the "Fund") for the year ended July 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
irregularities 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 Directors
of the Fund, and the Securities and Exchange Commission.
September 15, 1998
