SMITH BARNEY SHEARSON
Telecommunications Growth Fund
Telecommunications Income Fund
Supplement to Prospectus dated
March 1, 1994
The following information is provided to Wisconsin residents to
supplement the Fund's Prospectus.
The Fund will not purchase or otherwise acquire any security, if
as a result either of the following would be true: (a) more than 10% of
its net assets would be invested in securities (excluding those subject
to Rule 144A under the Securities Act of 1933, as amended (the "1933
Act")) that are restricted; or (b) more than 15% of its net assets would
be invested in securities (including those subject to Rule 144A under
the 1933 Act) that are restricted. It is the opinion of the Wisconsin
Securities Commissioner that investments in restricted securities in
excess of 5% of the Fund's total assets may be considered a speculative
activity and may involve greater risk and may increase Fund expenses.
Wisconsin
March 1, 1994
FD0494 B4
