<PAGE> PAGE 1
000 B000000 02/28/98
000 C000000 895523
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SMITH BARNEY MANAGED HIGH INCOME FUND, INC
001 B000000 811-7396
001 C000000 2128166550
002 A000000 388 GREENWICH ST.
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 SMITH BARNEY MUTUAL FUNDS MANAGEMENT INC.
008 B000001 A
008 C000001 801-3389
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10013
010 A000001 SMITH BARNEY MUTUAL FUNDS MANAGEMENT INC.
010 B000001 801-14437
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10013
011 A000001 SMITH BARNEY
011 B000001 8-81777
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
012 A000001 FIRST DATA INVESTOR 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 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 127
019 C000000 BARNEY0000
020 A000001 BEAR STEARNS
020 B000001 13-3299429
020 C000001 63
020 A000002 PAINE WEBBER
020 B000002 13-2638166
020 C000002 33
020 A000003 DONALDSON, LUFKIN & JERRETTE
020 B000003 13-2741729
020 C000003 20
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 115
022 A000001 CHASE SECURITIES
022 B000001 13-5227302
022 C000001 1417746
022 D000001 32032
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 1350893
022 D000002 28317
022 A000003 CS FIRST BOSTON
022 B000003 13-5659485
022 C000003 228886
022 D000003 8166
022 A000004 UBS SECURITIES
022 B000004 13-2932996
022 C000004 223375
022 D000004 4012
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
<PAGE> PAGE 3
022 C000005 135433
022 D000005 28421
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006 43318
022 D000006 41815
022 A000007 GRANCHESTER
022 B000007 13-3502273
022 C000007 25531
022 D000007 55904
022 A000008 MERRILL LYNCH
022 B000008 13-2655998
022 C000008 52280
022 D000008 25922
022 A000009 DONALDSON, LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 36797
022 D000009 40299
022 C000010 0
022 D000010 0
023 C000000 3514259
023 D000000 264888
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 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
<PAGE> PAGE 4
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.100
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
048 H010000 0
048 H020000 0.000
048 I010000 0
<PAGE> PAGE 5
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 Y
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 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.7
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 88.3
062 Q000000 4.0
062 R000000 6.0
063 A000000 0
063 B000000 6.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
<PAGE> PAGE 6
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
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 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 Y
070 R010000 Y
070 R020000 N
071 A000000 458697
071 B000000 462861
071 C000000 486697
071 D000000 94
072 A000000 12
072 B000000 48723
072 C000000 3870
072 D000000 0
072 E000000 0
072 F000000 4548
072 G000000 1011
072 H000000 0
072 I000000 22
072 J000000 21
072 K000000 239
072 L000000 0
072 M000000 42
072 N000000 37
072 O000000 0
072 P000000 0
<PAGE> PAGE 7
072 Q000000 0
072 R000000 32
072 S000000 26
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 24
072 X000000 6002
072 Y000000 0
072 Z000000 46591
072AA000000 7737
072BB000000 0
072CC010000 5092
072CC020000 0
072DD010000 47245
072DD020000 0
072EE000000 0
073 A010000 1.0920
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 8752
074 C000000 0
074 D000000 468123
074 E000000 29497
074 F000000 1500
074 G000000 0
074 H000000 0
074 I000000 8387
074 J000000 10295
074 K000000 0
074 L000000 8672
074 M000000 166
074 N000000 535392
074 O000000 12187
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 644
074 S000000 0
074 T000000 522561
074 U010000 44015
074 U020000 0
074 V010000 11.87
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
<PAGE> PAGE 8
075 A000000 0
075 B000000 506839
076 000000 11.56
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL MUTUAL INSURANCE COMPANY
080 C000000 78275
081 A000000 Y
081 B000000 127
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
SIGNATURE THOMAS REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000895523
[NAME] MANAGED HIGH INCOME PORTFOLIO INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] FEB-28-1998
[PERIOD-END] FEB-28-1998
[INVESTMENTS-AT-COST] 489,532,893
[INVESTMENTS-AT-VALUE] 516,258,089
[RECEIVABLES] 19,133,452
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 535,391,541
[PAYABLE-FOR-SECURITIES] 12,187,194
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 643,990
[TOTAL-LIABILITIES] 12,831,194
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 524,575,860
[SHARES-COMMON-STOCK] 44,014,989
[SHARES-COMMON-PRIOR] 42,602,095
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 157,691
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (28,748,222)
[ACCUM-APPREC-OR-DEPREC] 26,890,410
[NET-ASSETS] 522,560,357
[DIVIDEND-INCOME] 3,870,074
[INTEREST-INCOME] 48,722,852
[OTHER-INCOME] 0
[EXPENSES-NET] 6,002,307
[NET-INVESTMENT-INCOME] 46,590,619
[REALIZED-GAINS-CURRENT] 7,736,886
[APPREC-INCREASE-CURRENT] 5,091,961
[NET-CHANGE-FROM-OPS] 59,419,466
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 47,244,754
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 16,479,649
[NET-CHANGE-IN-ASSETS] 28,654,361
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 471,398
[OVERDIST-NET-GAINS-PRIOR] (36,557,652)
[GROSS-ADVISORY-FEES] 4,548,218
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,002,307
[AVERAGE-NET-ASSETS] 506,839,347
[PER-SHARE-NAV-BEGIN] 11.59
[PER-SHARE-NII] 01.08
[PER-SHARE-GAIN-APPREC] 00.29
[PER-SHARE-DIVIDEND] 01.09
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.87
[EXPENSE-RATIO] 01.18
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Directors of
Smith Barney Managed High Income Portfolio Inc.:
In planning and performing our audit of the financial statements
of the Smith Barney Managed High Income Inc. (the "Fund") for the
year ended February 28, 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 errors or irregularities 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.
April 24, 1998
