<PAGE> PAGE 1
000 B000000 05/31/99
000 C000000 811706
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY ARIZONA MUNICIPALS FUND
001 B000000 811-5066
001 C000000 2128166556
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
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008 A000001 SSBC FUND MANAGEMENT INC.
008 B000001 A
008 C000001 801-000000
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
010 A000001 SSBC FUND MANAGEMENT INC.
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 CFBDS, INC.
011 B000001 8-00000000
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
011 C040001 5408
012 A000001 FIRST DATA INVESTOR SERVICES GROUP
012 B000001 84-0000000
012 C010001 BOSTON
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02205
012 C040001 9134
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
015 A000001 PNC BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19103
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 167
019 C000000 BARNEY0000
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021 000000 0
022 A000001 BEAR STEARNS
022 B000001 13-3299429
022 C000001 6484
022 D000001 1532
022 A000002 PEACOCK, HISLOP, STANLEY & GIVEN, INC.
022 B000002 N/A
022 C000002 4856
022 D000002 493
022 A000003 SAMUEL RAMIREZ
022 B000003 N/A
022 C000003 1000
022 D000003 4135
022 A000004 DIAN BOSWORTH RAUSCHER INC.
022 B000004 N/A
022 C000004 3942
022 D000004 967
022 A000005 PAINE WEBBER INC.
022 B000005 13-2638166
022 C000005 1202
022 D000005 2959
022 A000006 ADVEST INC.
022 B000006 N/A
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<PAGE> PAGE 3
022 D000006 2667
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 0
022 D000007 2633
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022 B000008 22-2347336
022 C000008 800
022 D000008 1524
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009 2200
022 D000009 0
022 A000010 SHATTUCK HAMMOND PARTNERS INC.
022 B000010 N/A
022 C000010 2000
022 D000010 0
023 C000000 22484
023 D000000 16910
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE PAUL BROOK
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000811706
[NAME] SMITH BARNEY ARIZONA MUNICIPALS FUND INC. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] MAY-31-1999
[PERIOD-END] MAY-31-1999
[INVESTMENTS-AT-COST] 63,667,180
[INVESTMENTS-AT-VALUE] 65,990,051
[RECEIVABLES] 1,359,271
[ASSETS-OTHER] 60,204
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 67,409,526
[PAYABLE-FOR-SECURITIES] 203,107
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 209,511
[TOTAL-LIABILITIES] 412,618
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 64,685,896
[SHARES-COMMON-STOCK] 4,488,997
[SHARES-COMMON-PRIOR] 4,381,270
[ACCUMULATED-NII-CURRENT] (116,166)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 104,307
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,322,871
[NET-ASSETS] 66,996,908
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 3,777,279
[OTHER-INCOME] 0
[EXPENSES-NET] 715,103
[NET-INVESTMENT-INCOME] 3,062,176
[REALIZED-GAINS-CURRENT] 541,999
[APPREC-INCREASE-CURRENT] (1,166,957)
[NET-CHANGE-FROM-OPS] 2,437,218
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,240,020
[DISTRIBUTIONS-OF-GAINS] 616,193
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 565,684
[NUMBER-OF-SHARES-REDEEMED] 617,474
[SHARES-REINVESTED] 159,517
[NET-CHANGE-IN-ASSETS] 218,183
[ACCUMULATED-NII-PRIOR] (67,159)
[ACCUMULATED-GAINS-PRIOR] 437,984
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 343,574
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 715,103
[AVERAGE-NET-ASSETS] 47,947,034
[PER-SHARE-NAV-BEGIN] 10.54
[PER-SHARE-NII] 00.49
[PER-SHARE-GAIN-APPREC] (0.10)
[PER-SHARE-DIVIDEND] 00.49
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.31
[EXPENSE-RATIO] 00.88
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000811706
[NAME] SMITH BARNEY ARIZONA MUNICIPALS FUND INC. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] MAY-31-1999
[PERIOD-END] MAY-31-1999
[INVESTMENTS-AT-COST] 63,667,180
[INVESTMENTS-AT-VALUE] 65,990,051
[RECEIVABLES] 1,359,271
[ASSETS-OTHER] 60,204
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 67,409,526
[PAYABLE-FOR-SECURITIES] 203,107
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 209,511
[TOTAL-LIABILITIES] 412,618
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 64,685,896
[SHARES-COMMON-STOCK] 1,850,399
[SHARES-COMMON-PRIOR] 1,871,755
[ACCUMULATED-NII-CURRENT] (116,166)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 104,307
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,322,871
[NET-ASSETS] 66,996,908
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 3,777,279
[OTHER-INCOME] 0
[EXPENSES-NET] 715,103
[NET-INVESTMENT-INCOME] 3,062,176
[REALIZED-GAINS-CURRENT] 541,999
[APPREC-INCREASE-CURRENT] (1,166,957)
[NET-CHANGE-FROM-OPS] 2,437,218
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 816,869
[DISTRIBUTIONS-OF-GAINS] 243,539
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 255,767
[NUMBER-OF-SHARES-REDEEMED] 335,973
[SHARES-REINVESTED] 58,850
[NET-CHANGE-IN-ASSETS] 218,183
[ACCUMULATED-NII-PRIOR] (67,159)
[ACCUMULATED-GAINS-PRIOR] 437,984
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 343,574
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 715,103
[AVERAGE-NET-ASSETS] 19,668,725
[PER-SHARE-NAV-BEGIN] 10.54
[PER-SHARE-NII] 00.43
[PER-SHARE-GAIN-APPREC] (0.10)
[PER-SHARE-DIVIDEND] 00.44
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.30
[EXPENSE-RATIO] 01.42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000811706
[NAME] SMITH BARNEY ARIZONA MUNICIPALS FUND INC. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] MAY-31-1999
[PERIOD-END] MAY-31-1999
[INVESTMENTS-AT-COST] 63,667,180
[INVESTMENTS-AT-VALUE] 65,990,051
[RECEIVABLES] 1,359,271
[ASSETS-OTHER] 60,204
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 67,409,526
[PAYABLE-FOR-SECURITIES] 203,107
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 209,511
[TOTAL-LIABILITIES] 412,618
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 64,685,896
[SHARES-COMMON-STOCK] 160,344
[SHARES-COMMON-PRIOR] 83,099
[ACCUMULATED-NII-CURRENT] (116,166)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 104,307
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,322,871
[NET-ASSETS] 66,996,908
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 3,777,279
[OTHER-INCOME] 0
[EXPENSES-NET] 715,103
[NET-INVESTMENT-INCOME] 3,062,176
[REALIZED-GAINS-CURRENT] 541,999
[APPREC-INCREASE-CURRENT] (1,166,957)
[NET-CHANGE-FROM-OPS] 2,437,218
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 54,294
[DISTRIBUTIONS-OF-GAINS] 15,944
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 81,638
[NUMBER-OF-SHARES-REDEEMED] 8,855
[SHARES-REINVESTED] 4,462
[NET-CHANGE-IN-ASSETS] 218,183
[ACCUMULATED-NII-PRIOR] (67,159)
[ACCUMULATED-GAINS-PRIOR] 437,984
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 343,574
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 715,103
[AVERAGE-NET-ASSETS] 1,301,397
[PER-SHARE-NAV-BEGIN] 10.53
[PER-SHARE-NII] 00.42
[PER-SHARE-GAIN-APPREC] (0.09)
[PER-SHARE-DIVIDEND] 00.43
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.30
[EXPENSE-RATIO] 01.44
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Directors of the
Smith Barney Arizona Municipals Fund Inc.:
In planning and performing our audit of the financial statements
of the Smith Barney Arizona Municipals Fund Inc. (the "Fund")
for the year ended May 31, 1999, 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 Directors of the Fund, and the
Securities and Exchange Commission.
July 15, 1999