Smith Barney Shearson Aggressive Growth Fund Inc.
Smith Barney Shearson Global Opportunities Fund
Smith Barney Shearson Municipal Money Market Fund Inc.
Smith Barney Shearson Principal Return Fund
Smith Barney Shearson Telecommunications Growth Fund
Smith Barney Shearson Telecommunications Income Fund
Supplement dated May 20, 1994 to Prospectuses*
The following information updates the disclosure found in the Prospectus
of the funds listed above (each a "Fund") under "Management of the Fund:"
Effective April 21 1994 Smith, Barney Advisers, Inc. ("Smith Barney Advisers")
will serve as the Fund's administrator and The Boston Company Advisors, Inc.
("Boston Advisors") will serve as the Fund's sub-administrator. On April 21,
1994 the Fund's Board approved a new administration agreement with Smith
Barney Advisers containing substantially the same terms and conditions,
including the level of fees, as the current agreement. Smith Barney Advisers,
among other responsibilities, provides senior executive management for the Fund
and generally oversees and directs all aspects of the Fund's administration
and operation. The Board also approved a sub-administration agreement with
Boston Advisors. Boston Advisors, among other responsibilities, calculates the
net asset value of the Fund's shares and generally assists in various aspects
of the Fund's administration and operation. Under the arrangements, Boston
Advisors will be paid a portion of the amount paid by the Fund to Smith Barney
Advisers at a rate as agreed upon from time to time between Smith Barney
Advisers and Boston Advisors.
_________________
* Prospectuses dated:
Aggressive Growth Fund Inc. 1/1/94
Global Opportunities Fund 9/1/93
Municipal Money Market Fund Inc. 11/29/93
Principal Return Fund 4/1/94
Telecommunications Growth Fund 3/1/94
Telecommunications Income Fund 3/1/94
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