Smith Barney Shearson Global Bond Fund
(the "Fund")
Supplement to Prospectus
Dated December 1 1993
On January 20, 1994, the Board of Trustees of the Fund terminated the
investment advisory agreement with Lehman Brothers Global Asset Management
Limited. In addition, the Board proposed that the Fund enter into a new
investment advisory agreement with Smith Barney Global Capital Management,
Inc. ("SBGCM"). This agreement would contain substantially the same terms,
conditions and fees as the Fund's previous agreement, however, SBGCM has
agreed to waive 50% of its investment advisory fees until such time as the
Fund's Board of Trustees and SBGCM mutually agree otherwise. Pending
shareholder approval, the new advisory agreement would become effective on
March 22, 1994. The Board of Trustees has called a shareholder meeting for
the purpose of considering the new agreement.
SBGCM is located at 10 Piccadilli, London, England and has been in the
investment counseling business since 1988. SBGCM is a wholly owned subsidiary
of Smith Barney Shearson Holdings Inc. ("Holdings"). Holdings is a wholly
owned subsidiary of The Travelers Inc., a financial services holding company
engaged through its subsidiaries principally in the businesses of consumer
financial services, investment services and insurance services.
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January 21, 1994
