<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 797480
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY NATURAL RESOURCES FUND INC.
001 B000000 811-4757
001 C000000 2128166560
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 N
007 B000000 0
007 C010100 1
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 A000001 MUTUAL MANAGEMENT CORP.
008 B000001 A
008 C000001 801-3389
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
010 A000001 MUTUAL MANAGMENT CORP.
010 B000001 801-14437
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 SMITH BARNEY INC.
011 B000001 8-81777
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
012 A000001 FIRST DATA INVESTORS SERVICES GROUP
012 B000001 84-0000000
012 C010001 BOSTON
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02109
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 CHASE MANHATTAN BANK
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 147
019 C000000 BARNEY0000
020 A000001 PRUDENTIAL SECURITIES
020 B000001 22-2347336
020 C000001 39
020 A000002 SIMMONS & CO.
020 B000002 N/A
020 C000002 32
020 A000003 ORD MINNETT, INC.
020 B000003 N/A
020 C000003 31
020 A000004 MORGAN STANLEY & CO.
020 B000004 13-2655998
020 C000004 30
020 A000005 SANFORD. C. BERNSTEIN & CO.
020 B000005 N/A
020 C000005 29
020 A000006 ROBERT FLEMING INC.
020 B000006 N/A
020 C000006 25
020 A000007 PETRIE PARKMON & CO.
020 B000007 N/A
020 C000007 25
020 A000008 SMITH BARNEY
020 B000008 13-1912900
020 C000008 23
020 A000009 CS FIRST BOSTON
020 B000009 13-5659485
020 C000009 20
020 A000010 SCHRODER WERTHEIM & CO. INC.
020 B000010 N/A
020 C000010 19
021 000000 273
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
<PAGE> PAGE 3
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 Y
028 A010000 21099
028 A020000 0
028 A030000 0
028 A040000 23625
028 B010000 15467
028 B020000 0
028 B030000 0
028 B040000 24309
028 C010000 17368
028 C020000 0
028 C030000 0
028 C040000 16556
028 D010000 2641
028 D020000 0
028 D030000 0
028 D040000 7808
028 E010000 12629
028 E020000 0
028 E030000 0
028 E040000 14049
028 F010000 9910
028 F020000 0
028 F030000 0
<PAGE> PAGE 4
028 F040000 7674
028 G010000 79114
028 G020000 0
028 G030000 0
028 G040000 94021
028 H000000 49202
029 000000 Y
030 A000000 29
030 B000000 5.00
030 C000000 1.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 29
034 000000 Y
035 000000 243
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 563
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
<PAGE> PAGE 5
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 N
060 A000000 Y
060 B000000 Y
061 000000 1
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 C000000 Y
067 000000 N
068 A000000 Y
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
<PAGE> PAGE 6
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 115122
071 B000000 155723
071 C000000 76397
071 D000000 151
072 A000000 12
072 B000000 347
072 C000000 886
072 D000000 0
072 E000000 0
072 F000000 607
072 G000000 0
072 H000000 0
072 I000000 210
072 J000000 40
072 K000000 0
072 L000000 29
072 M000000 21
072 N000000 66
<PAGE> PAGE 7
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 32
072 S000000 16
072 T000000 563
072 U000000 0
072 V000000 0
072 W000000 2
072 X000000 1586
072 Y000000 0
072 Z000000 -353
072AA000000 0
072BB000000 13476
072CC010000 0
072CC020000 14250
072DD010000 0
072DD020000 0
072EE000000 770
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.1600
073 C000000 0.0000
074 A000000 42
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 55975
074 G000000 0
074 H000000 0
074 I000000 4872
074 J000000 0
074 K000000 0
074 L000000 3680
074 M000000 0
074 N000000 64569
074 O000000 0
074 P000000 22
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4995
074 S000000 0
074 T000000 59552
074 U010000 1640
074 U020000 2025
074 V010000 16.56
074 V020000 16.00
074 W000000 0.0000
<PAGE> PAGE 8
074 X000000 10890
074 Y000000 0
075 A000000 0
075 B000000 80939
076 000000 0.00
077 A000000 Y
077 O000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CORP.
080 C000000 105000
081 A000000 Y
081 B000000 147
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE IRVING P. DAVID
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000797480
[NAME] SMITH BARNEY NATURAL RESOURCES FUND INC. CLASS A
[S] [C]
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1998
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 64,722,293
[INVESTMENTS-AT-VALUE] 55,975,310
[RECEIVABLES] 3,679,258
[ASSETS-OTHER] 41,789
[OTHER-ITEMS-ASSETS] 4,872,190
[TOTAL-ASSETS] 64,568,547
[PAYABLE-FOR-SECURITIES] 38,290
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,978,221
[TOTAL-LIABILITIES] 5,016,511
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 84,289,470
[SHARES-COMMON-STOCK] 1,639,534
[SHARES-COMMON-PRIOR] 1,958,283
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 6,373
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 16,006,078
[ACCUM-APPREC-OR-DEPREC] (8,724,983)
[NET-ASSETS] 59,552,036
[DIVIDEND-INCOME] 885,977
[INTEREST-INCOME] 346,555
[OTHER-INCOME] 0
[EXPENSES-NET] 1,585,596
[NET-INVESTMENT-INCOME] (353,064)
[REALIZED-GAINS-CURRENT] (13,475,655)
[APPREC-INCREASE-CURRENT] (14,250,250)
[NET-CHANGE-FROM-OPS] (28,078,969)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 293,464
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12,798,401
[NUMBER-OF-SHARES-REDEEMED] 13,131,266
[SHARES-REINVESTED] 14,116
[NET-CHANGE-IN-ASSETS] (59,148,247)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (329,174)
[OVERDIST-NET-GAINS-PRIOR] (1,543,834)
[GROSS-ADVISORY-FEES] 607,349
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,585,596
[AVERAGE-NET-ASSETS] 32,880,767
[PER-SHARE-NAV-BEGIN] 23.23
[PER-SHARE-NII] (0.01)
[PER-SHARE-GAIN-APPREC] (6.50)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.16
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.56
[EXPENSE-RATIO] 01.57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[/TABLE]
[ARTICLE] 6
[CIK] 0000797480
[NAME] SMITH BARNEY NATURAL RESOURCES FUND INC. CLASS B
[S] [C]
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1998
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 64,722,293
[INVESTMENTS-AT-VALUE] 55,975,310
[RECEIVABLES] 3,679,258
[ASSETS-OTHER] 41,789
[OTHER-ITEMS-ASSETS] 4,872,190
[TOTAL-ASSETS] 64,568,547
[PAYABLE-FOR-SECURITIES] 38,290
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,978,221
[TOTAL-LIABILITIES] 5,016,511
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 84,289,470
[SHARES-COMMON-STOCK] 1,831,371
[SHARES-COMMON-PRIOR] 2,956,616
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 6,373
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 16,006,078
[ACCUM-APPREC-OR-DEPREC] (8,724,983)
[NET-ASSETS] 59,552,036
[DIVIDEND-INCOME] 885,977
[INTEREST-INCOME] 346,555
[OTHER-INCOME] 0
[EXPENSES-NET] 1,585,596
[NET-INVESTMENT-INCOME] (353,064)
[REALIZED-GAINS-CURRENT] (13,475,655)
[APPREC-INCREASE-CURRENT] (14,250,250)
[NET-CHANGE-FROM-OPS] (28,078,969)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 437,639
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,175,562
[NUMBER-OF-SHARES-REDEEMED] 2,322,354
[SHARES-REINVESTED] 21,547
[NET-CHANGE-IN-ASSETS] (59,148,247)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (329,174)
[OVERDIST-NET-GAINS-PRIOR] (1,543,834)
[GROSS-ADVISORY-FEES] 607,349
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,585,596
[AVERAGE-NET-ASSETS] 43,830,104
[PER-SHARE-NAV-BEGIN] 22.60
[PER-SHARE-NII] (0.13)
[PER-SHARE-GAIN-APPREC] (6.31)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.16
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.00
[EXPENSE-RATIO] 02.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[/TABLE]
[ARTICLE] 6
[CIK] 0000797480
[NAME] SMITH BARNEY NATURAL RESOURCES FUND INC. CLASS L
[S] [C]
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1998
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 64,722,293
[INVESTMENTS-AT-VALUE] 55,975,310
[RECEIVABLES] 3,679,258
[ASSETS-OTHER] 41,789
[OTHER-ITEMS-ASSETS] 4,872,190
[TOTAL-ASSETS] 64,568,547
[PAYABLE-FOR-SECURITIES] 38,290
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,978,221
[TOTAL-LIABILITIES] 5,016,511
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 84,289,470
[SHARES-COMMON-STOCK] 193,162
[SHARES-COMMON-PRIOR] 282,628
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 6,373
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 16,006,078
[ACCUM-APPREC-OR-DEPREC] (8,724,983)
[NET-ASSETS] 59,552,036
[DIVIDEND-INCOME] 885,977
[INTEREST-INCOME] 346,555
[OTHER-INCOME] 0
[EXPENSES-NET] 1,585,596
[NET-INVESTMENT-INCOME] (353,064)
[REALIZED-GAINS-CURRENT] (13,475,655)
[APPREC-INCREASE-CURRENT] (14,250,250)
[NET-CHANGE-FROM-OPS] (28,078,969)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 39,065
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 157,951
[NUMBER-OF-SHARES-REDEEMED] 249,370
[SHARES-REINVESTED] 1,953
[NET-CHANGE-IN-ASSETS] (59,148,247)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (329,174)
[OVERDIST-NET-GAINS-PRIOR] (1,543,834)
[GROSS-ADVISORY-FEES] 607,349
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,585,596
[AVERAGE-NET-ASSETS] 4,228,028
[PER-SHARE-NAV-BEGIN] 22.62
[PER-SHARE-NII] (0.12)
[PER-SHARE-GAIN-APPREC] (6.31)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.16
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.03
[EXPENSE-RATIO] 02.17
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
[/TABLE]
SMITH BARNEY NATURAL RESOURCES FUND INC.
10f-3 REPORT
March 1, 1998 through May 31, 1998
Trade Purchase
% of
Issuer Date Selling Dealer Shares
Price Issue
KN Energy, Inc. 3/3/98 Morgan Stanley 2,400 $52.00
0.60%
Waddell & Reed finc'l 3/3/98 Morgan Stanley 200
23.00 0.53
Transglobal 3/26/98 Lehman Brothers 10,150
14.50 0.44
Union Pacific Conv. Pref. 3/27/98 CS First Boston 4,100
50.00 3.43
American Superconductor 4/16/98 Morgan Stanley 1,200
14.00 0.85
Ziff-Davis Inc. 4/29/98 Morgan Stanley 400
15.50 1.59
United Road Services 5/1/98 DLJ 2,100 13.00
1.27
Young & Rubicam 5/1/98 DLJ 2,100 25.00
0.90
