<PAGE> PAGE 1
000 A000000 10/31/98
000 C000000 920058
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000 E000000 NF
000 F000000 Y
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000 J000000 A
001 A000000 SMITH BARNEY OREGON MUNICIPALS FUND
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001 C000000 2128166556
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002 B000000 NEW YORK
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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 MANAGEMENT CORP.
010 B000001 801-14437
010 C010001 NEW YORK
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011 A000001 SMITH BARNEY INC.
011 B000001 8-81777
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 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 147
019 C000000 BARNEY0000
020 C000001 0
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022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 1000
022 D000001 1400
022 A000002 RAUSCHER PIERCE REFSNES INC.
022 B000002 N/A
022 C000002 1228
022 D000002 1018
022 A000003 PAINE WEBBER, JACKSON CORTIS INC.
022 B000003 13-2638166
022 C000003 1473
022 D000003 0
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004 0
022 D000004 1448
022 A000005 KEY BANK
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022 A000006 PRUDENTIAL SECURITIES INC.
022 B000006 22-2347336
022 C000006 960
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<PAGE> PAGE 3
022 A000007 EDWARD A.G. & SONS, INC.
022 B000007 N/A
022 C000007 492
022 D000007 239
022 A000008 SEATTLE NORTWEST SECURITIES
022 B000008 N/A
022 C000008 553
022 D000008 54
022 A000009 INTERSTATE/JOHNSON LANE CORP.
022 B000009 N/A
022 C000009 0
022 D000009 505
022 A000010 A.F. BEST
022 B000010 N/A
022 C000010 0
022 D000010 491
023 C000000 6752
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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] 0000920058
[NAME] SMITH BARNEY OREGON MUNICIPALS FUND. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1999
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 31,874,458
[INVESTMENTS-AT-VALUE] 33,983,756
[RECEIVABLES] 630,296
[ASSETS-OTHER] 1,411
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,615,463
[PAYABLE-FOR-SECURITIES] 508,715
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 212,127
[TOTAL-LIABILITIES] 720,842
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 31,528,295
[SHARES-COMMON-STOCK] 1,232,592
[SHARES-COMMON-PRIOR] 1,149,605
[ACCUMULATED-NII-CURRENT] (5,842)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 262,870
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,109,298
[NET-ASSETS] 33,894,621
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 894,028
[OTHER-INCOME] 0
[EXPENSES-NET] 206,218
[NET-INVESTMENT-INCOME] 687,810
[REALIZED-GAINS-CURRENT] 95,158
[APPREC-INCREASE-CURRENT] 641,404
[NET-CHANGE-FROM-OPS] 1,424,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 299,694
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 102,439
[NUMBER-OF-SHARES-REDEEMED] 34,126
[SHARES-REINVESTED] 14,674
[NET-CHANGE-IN-ASSETS] 2,722,941
[ACCUMULATED-NII-PRIOR] 13,447
[ACCUMULATED-GAINS-PRIOR] 167,712
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 83,286
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 221,629
[AVERAGE-NET-ASSETS] 13,068,799
[PER-SHARE-NAV-BEGIN] 10.76
[PER-SHARE-NII] 00.24
[PER-SHARE-GAIN-APPREC] 00.25
[PER-SHARE-DIVIDEND] 00.25
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.00
[EXPENSE-RATIO] 00.93
[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] 6-MOS
[FISCAL-YEAR-END] APR-30-1999
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 31,874,458
[INVESTMENTS-AT-VALUE] 33,983,756
[RECEIVABLES] 630,296
[ASSETS-OTHER] 1,411
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,615,463
[PAYABLE-FOR-SECURITIES] 508,715
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 212,127
[TOTAL-LIABILITIES] 720,842
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 31,528,295
[SHARES-COMMON-STOCK] 1,635,558
[SHARES-COMMON-PRIOR] 1,552,771
[ACCUMULATED-NII-CURRENT] (5,842)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 262,870
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,109,298
[NET-ASSETS] 33,894,621
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 894,028
[OTHER-INCOME] 0
[EXPENSES-NET] 206,218
[NET-INVESTMENT-INCOME] 687,810
[REALIZED-GAINS-CURRENT] 95,158
[APPREC-INCREASE-CURRENT] 641,404
[NET-CHANGE-FROM-OPS] 1,424,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 360,984
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 192,905
[NUMBER-OF-SHARES-REDEEMED] 127,394
[SHARES-REINVESTED] 17,276
[NET-CHANGE-IN-ASSETS] 2,722,941
[ACCUMULATED-NII-PRIOR] 13,447
[ACCUMULATED-GAINS-PRIOR] 167,712
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 83,286
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 221,629
[AVERAGE-NET-ASSETS] 17,677,757
[PER-SHARE-NAV-BEGIN] 10.75
[PER-SHARE-NII] 00.22
[PER-SHARE-GAIN-APPREC] 00.24
[PER-SHARE-DIVIDEND] 00.22
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.99
[EXPENSE-RATIO] 01.44
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920058
[NAME] SMITH BARNEY OREGON MUNICIPALS FUND. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1999
[PERIOD-END] OCT-31-1998
[INVESTMENTS-AT-COST] 31,874,458
[INVESTMENTS-AT-VALUE] 33,983,756
[RECEIVABLES] 630,296
[ASSETS-OTHER] 1,411
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 34,615,463
[PAYABLE-FOR-SECURITIES] 508,715
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 212,127
[TOTAL-LIABILITIES] 720,842
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 31,528,295
[SHARES-COMMON-STOCK] 214,508
[SHARES-COMMON-PRIOR] 196,135
[ACCUMULATED-NII-CURRENT] (5,842)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 262,870
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,109,298
[NET-ASSETS] 33,894,621
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 894,028
[OTHER-INCOME] 0
[EXPENSES-NET] 206,218
[NET-INVESTMENT-INCOME] 687,810
[REALIZED-GAINS-CURRENT] 95,158
[APPREC-INCREASE-CURRENT] 641,404
[NET-CHANGE-FROM-OPS] 1,424,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 46,421
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 40,918
[NUMBER-OF-SHARES-REDEEMED] 25,117
[SHARES-REINVESTED] 2,572
[NET-CHANGE-IN-ASSETS] 2,722,941
[ACCUMULATED-NII-PRIOR] 13,447
[ACCUMULATED-GAINS-PRIOR] 167,712
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 83,286
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 221,629
[AVERAGE-NET-ASSETS] 2,296,380
[PER-SHARE-NAV-BEGIN] 10.76
[PER-SHARE-NII] 00.22
[PER-SHARE-GAIN-APPREC] 00.24
[PER-SHARE-DIVIDEND] 00.22
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.00
[EXPENSE-RATIO] 01.48
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY OREGON MUNICIPALS FUND
10f-3 REPORT
March 1, 1998 through August 31, 1998
Trade Par Purchase
% of
Issuer Date Selling Dealer Amount Price
Issue
Puerto Rico Electric 3/26/98 Bear Stearns $1,000,000
$92.593 1.35%
4.50% due 7/1/2018
Virgin Islands Pub. Fin. Auth. 4/30/98 Oppenheimer 500,000
99.000 7.19
5.500% due 10/1/2018
Puerto Rico Pub. Fin. Corp. 6/19/98 Paine Webber 500,000
98.296 1.41
5.00% due 6/1/2020
