Smith Barney Appreciation Fund Inc.
Smith Barney Arizona Municipals Fund
Inc.
Smith Barney California Municipals Fund
Inc. Smith Barney Investment Trust
Smith Barney Managed Governments Fund
Inc. Smith Barney Managed Municipals
Fund Inc.
Smith Barney Massachusetts Municipals
Fund Smith Barney Natural Resources Fund
Inc.
Smith Barney New Jersey Municipals Fund
Inc. Smith Barney Oregon Municipals
Fund
Supplement dated December 21, 1995 to Prospectuses*
The following information supplements, and should be read
in conjunction with, the disclosure found in the
prospectus of each of the above fund (each, a "Fund"):
TELEPHONE REDEMPTION AND EXCHANGE PROGRAM FOR
SHAREHOLDERS WHO DO NOT HAVE A SMITH BARNEY
BROKERAGE ACCOUNT
Certain shareholders may be eligible to redeem and
exchange Fund shares by telephone. To determine if a
shareholder is entitled to participate in this
program, he or she should contact First Data Investor
Services Group, Inc. (the "Transfer Agent") at (800)
451-2010. Once eligibility is confirmed, the
shareholder must complete and return a Telephone/Wire
Authorization Form, including a signature guarantee,
that will be provided by the Transfer Agent upon
request. (Alternatively, an investor may authorize
telephone redemptions on the new account application
with a signature guarantee when making his/her
initial investment in the Fund.)
Redemptions. Redemption requests of up to
$10,000 of any class or classes of the Fund's shares
may be made by eligible shareholders by calling the
Transfer Agent at (800) 451-2010. Such requests may
be made between 9:00 a.m. and 4:00 p.m. (New York
City time) on any day the New York Stock Exchange,
Inc. ("NYSE") is open. Redemptions of shares (i) by
retirement plans or (ii) for which certificates
have been issued are not permitted under this
program.
A shareholder will have the option of having
the redemption proceeds mailed to his/her address of
record or wired to a bank account predesignated by
the shareholder. Generally, redemption proceeds will
be mailed or wired, as the case may be, on the next
business day following the redemption request. In
order to use the wire procedures, the bank receiving
the proceeds must be a member of the Federal Reserve
System or have a correspondent with a member bank.
The Fund reserves the right to charge shareholders a
nominal fee for each wire redemption. Such charges,
if any, will be assessed against the shareholder's
account from which shares were redeemed. In order to
change the bank account designated to receive
redemption proceeds, a shareholder must complete a
new Telephone/Wire Authorization Form and, for the
protection of the shareholder's assets, will be
required to provide a signature guarantee and
certain
other documentation.
Exchanges. Eligible shareholders may make
exchanges by telephone if the account registration of
the shares of the fund being acquired is identical to
the registration of the shares of the fund exchanged.
Such exchange requests may be made by calling the
Transfer Agent at (800) 451-2010 between 9:00 a.m. and
4:00 p.m. (New York City time) on any day on which the
NYSE is open.
Additional Information regarding Telephone
Redemption and Exchange Program. Neither the Fund nor
its agents will be liable for following instructions
communicated by telephone that are reasonably believed
to be genuine. The Fund and its agents will employ
procedures designed to verify the identity of the caller
and legitimacy of instructions (for example, a
shareholder's name and account number will be required
and phone calls may be recorded). The Fund reserves the
right to suspend, modify or discontinue the telephone
redemption and exchange program or to impose a charge
for this service at any time following at least seven
(7) days prior notice to shareholders.
The following information modifies the disclosure found
in the Fund's Prospectus under the heading, "Redemption
of Shares:"
Any signature appearing on a written redemption
request in excess of $2,000 must be guaranteed by an
eligible guarantor institution such as a domestic
bank, savings and loan institution, domestic credit
union, member bank of the Federal Reserve System or
member firm of a national securities. Written
redemption requests of $2,000 or less do not require
a signature guarantee unless more than one such
redemption request is made in any 10-day period.
Redemption proceeds will be mailed to an investor's
address of record.
_______________________
* Prospectuses dated:
Smith Barney Appreciation Fund Inc. 03/01/95
Smith Barney Arizona Municipals 07/30/95
Fund Inc.
Smith Barney California Municipals 04/29/95
Fund Inc.
Smith Barney Investment Trust 01/29/95
Smith Barney Managed Governments 11/29/95
Fund Inc.
Smith Barney Managed Municipals Fund 09/15/95
Inc.
Smith Barney Massachusetts 01/29/95
Municipals Fund
Smith Barney Natural Resources Fund
Inc. (formerly,
Smith Barney Precious Metals 03/01/95
and Minerals Fund
Inc.
Smith Barney New Jersey Municipals 05/29/95
Fund Inc.
Smith Barney Oregon Municipals Fund 06/29/95
