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001 A000000 SMITH BARNEY OREGON MUNICIPALS FUND
001 B000000 811-7149
001 C000000 2128166550
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
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011 C010001 NEW YORK
011 C020001 NY
011 C030001 10013
012 A000001 FIRST DATA INVESTOR GROUP
012 B000001 84-0000000
012 C010001 BOSTON
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02109
013 A000001 KPMG PEAT MARWICK
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
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022 A000001 SEATTLE-NOTTHWEST SECURITIES CORP.
022 B000001 N/A
022 C000001 4866
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022 A000002 MERRILL LYNCH, PEIRCE, FENNER & SMITH
022 B000002 13-5674085
022 C000002 1200
022 D000002 1303
022 A000003 A.G. EDWARDS & SONS, INC.
022 B000003 N/A
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022 A000004 BEAR, STERANS & CO., INC.
022 B000004 13-3299429
022 C000004 1904
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022 A000005 MORGAN STANLEY & CO., INC. .
022 B000005 13-5674085
022 C000005 1837
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022 A000006 PRAGER, MCCARTHY & SEALY
022 B000006 N/A
022 C000006 282
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<PAGE> PAGE 3
022 A000007 DEAN WITTER REYNOLDS, INC.
022 B000007 N/A
022 C000007 0
022 D000007 1546
022 A000008 CITICORP SECURITIES, INC.
022 B000008 N/A
022 C000008 1063
022 D000008 400
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 36-2880742
022 C000009 1462
022 D000009 0
022 A000010 PRUDENTIAL SECURITIES, INC.
022 B000010 22-2347336
022 C000010 239
022 D000010 1013
023 C000000 27921
023 D000000 21254
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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 8
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SIGNATURE THOMAS M. REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000920058
[NAME] SMITH BARNEY OREGON MUNICIPALS FUND. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 29,875,731
[INVESTMENTS-AT-VALUE] 31,343,625
[RECEIVABLES] 3,497,582
[ASSETS-OTHER] 6,770
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,847,977
[PAYABLE-FOR-SECURITIES] 3,620,386
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 55,911
[TOTAL-LIABILITIES] 3,676,297
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 29,522,627
[SHARES-COMMON-STOCK] 1,149,605
[SHARES-COMMON-PRIOR] 951,505
[ACCUMULATED-NII-CURRENT] 13,447
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 167,712
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,467,894
[NET-ASSETS] 31,171,680
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1,576,699
[OTHER-INCOME] 0
[EXPENSES-NET] 271,148
[NET-INVESTMENT-INCOME] 1,305,551
[REALIZED-GAINS-CURRENT] 167,712
[APPREC-INCREASE-CURRENT] 992,126
[NET-CHANGE-FROM-OPS] 2,465,389
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 546,854
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,433,102
[NUMBER-OF-SHARES-REDEEMED] 654,241
[SHARES-REINVESTED] 344,459
[NET-CHANGE-IN-ASSETS] 7,305,646
[ACCUMULATED-NII-PRIOR] (7,432)
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 140,553
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 401,911
[AVERAGE-NET-ASSETS] 11,234,463
[PER-SHARE-NAV-BEGIN] 10.27
[PER-SHARE-NII] 00.53
[PER-SHARE-GAIN-APPREC] 00.48
[PER-SHARE-DIVIDEND] 00.52
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.76
[EXPENSE-RATIO] 00.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920058
[NAME] SMITH BARNEY OREGON MUNICIPALS FUND. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 29,875,731
[INVESTMENTS-AT-VALUE] 31,343,625
[RECEIVABLES] 3,497,582
[ASSETS-OTHER] 6,770
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,847,977
[PAYABLE-FOR-SECURITIES] 3,620,386
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 55,911
[TOTAL-LIABILITIES] 3,676,297
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 29,522,627
[SHARES-COMMON-STOCK] 1,552,771
[SHARES-COMMON-PRIOR] 1,285,364
[ACCUMULATED-NII-CURRENT] 13,447
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 167,712
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,467,894
[NET-ASSETS] 31,171,680
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1,576,699
[OTHER-INCOME] 0
[EXPENSES-NET] 271,148
[NET-INVESTMENT-INCOME] 1,305,551
[REALIZED-GAINS-CURRENT] 167,712
[APPREC-INCREASE-CURRENT] 992,126
[NET-CHANGE-FROM-OPS] 2,465,389
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 668,649
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,835,768
[NUMBER-OF-SHARES-REDEEMED] 1,424,718
[SHARES-REINVESTED] 437,701
[NET-CHANGE-IN-ASSETS] 7,305,646
[ACCUMULATED-NII-PRIOR] (7,432)
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 140,553
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 401,911
[AVERAGE-NET-ASSETS] 15,311,413
[PER-SHARE-NAV-BEGIN] 10.26
[PER-SHARE-NII] 00.48
[PER-SHARE-GAIN-APPREC] 00.48
[PER-SHARE-DIVIDEND] 00.47
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.75
[EXPENSE-RATIO] 01.17
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920058
[NAME] SMITH BARNEY OREGON MUNICIPALS FUND. CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 29,875,731
[INVESTMENTS-AT-VALUE] 31,343,625
[RECEIVABLES] 3,497,582
[ASSETS-OTHER] 6,770
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,847,977
[PAYABLE-FOR-SECURITIES] 3,620,386
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 55,911
[TOTAL-LIABILITIES] 3,676,297
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 29,522,627
[SHARES-COMMON-STOCK] 196,135
[SHARES-COMMON-PRIOR] 88,937
[ACCUMULATED-NII-CURRENT] 13,447
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 167,712
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,467,894
[NET-ASSETS] 31,171,680
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1,576,699
[OTHER-INCOME] 0
[EXPENSES-NET] 271,148
[NET-INVESTMENT-INCOME] 1,305,551
[REALIZED-GAINS-CURRENT] 167,712
[APPREC-INCREASE-CURRENT] 992,126
[NET-CHANGE-FROM-OPS] 2,465,389
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 69,169
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,440,058
[NUMBER-OF-SHARES-REDEEMED] 339,913
[SHARES-REINVESTED] 52,713
[NET-CHANGE-IN-ASSETS] 7,305,646
[ACCUMULATED-NII-PRIOR] (7,432)
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 140,553
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 401,911
[AVERAGE-NET-ASSETS] 1,564,735
[PER-SHARE-NAV-BEGIN] 10.27
[PER-SHARE-NII] 00.47
[PER-SHARE-GAIN-APPREC] 00.48
[PER-SHARE-DIVIDEND] 00.46
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.76
[EXPENSE-RATIO] 01.21
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY OREGON MUNICIPALS FUND
10f-3 REPORT
September 1, 1997 through February 28, 1998
% o
Trade Par
Purchase % of
Issuer Date Selling Dealer Amount
Price Issue
Puerto Rico Infrastructure 11/21/97 Raymond James &
Assoc. $1,175,000 $95.770 3.36%
5.00% due 7/1/2028 J.P. Morgan
Paine Webber
Samuel Ramirez & Co.
Prudential Securities
Puerto Rico G.O. 1/15/98 Morgan Stanley
1,500,000 92.440 4.90A
4.500% due 7/1/2023
Oregon State Department 2/13/98 Goldman Sachs
500,000 99.489 2.17
4.750% due 4/1/2012
Puerto Rico Highway 2/27/98 Paine Webber
500,00 0 92.118 3.15B
4.750% due 7/1/
To the Shareholders and Board of Trustees of
the Smith Barney Oregon Municipals Fund:
In planning and performing our audit of the financial statements
of the Smith Barney Oregon Municipals Fund (the "Fund") for the
year ended April 30, 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.
June 12, 1998
