SMITH BARNEY APPRECIATION FUND INC.
SMITH BARNEY MANAGED GOVERNMENTS FUND
INC.
SMITH BARNEY NATURAL RESOURCES FUND
INC.
Supplement dated February 20, 1996 to Statements of
Additional Information*
The following supplements, and should be read
in conjunction with, the disclosure found in the
Statement of Additional Information of each of the
above mutual funds (each, a "Fund") under the caption
"Valuation of Shares":
U.S. government securities will be valued at the
mean between the closing bid and asked prices on each day,
or, if market quotations for those securities are not
readily available, at fair value, as determined in good
faith by the Fund's Board of Directors.
* Statement of Additional Information dated:
Smith Barney Appreciation Fund Inc. March
1, 1995
Smith Barney Managed Governments Fund Inc. April
29, 1995
Smith Barney Natural Resources Fund
Inc. January 5, 1996
FD 01092 2/96
