Smith Barney Shearson Global Bond Fund
(the "Fund")
Supplement to Prospectus dated December 1, 1993
The following information replaces the disclosure found in the Fund's
Prospectus under the headings "Prospectus Summary--Management of the Fund" and
"Management of the Fund--Investment Adviser and --Portfolio Management:"
Smith Barney Global Capital Management, Inc. ("SBGCM") serves as the
Fund's investment adviser pursuant to an investment advisory agreement dated
March 22, 1994. SBGCM has agreed to waive 50% of its investment advisory fee
until such time as the Fund's Board of Trustees and SBGCM mutually agree
otherwise. SBGCM is located at 10 Piccadilly, London WIV 9LA England and has
been in the investment counseling business since 1988. SBGCM is a wholly
owned subsidiary of Smith Barney Shearson Holdings Inc., which is in turn a
wholly owned subsidiary of The Travelers Inc. ("Travelers"). Travelers is a
financial services holding company engaged through its subsidiaries
principally in the businesses of consumer financial, investment and insurance
services.
Mr. Victor S. Filatov, International Strategist and President of SBGCM,
was elected by the Board of Trustees on January 20, 1994 to serve as Vice
President and Investment Officer of the Fund. Mr. Filatov is responsible for
managing the day-to-day operations of the Fund, including the making of all
investment decisions. Prior to 1993, Mr. Filatov was Business Coordinator and
head of European Fixed Income Research for J.P. Morgan Securities Inc.
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Supplement dated: April 5, 1994
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