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
