CONCERT INVESTMENT SERIES
CONCERT PEACHTREE GROWTH FUND
CONCERT SOCIAL AWARENESS FUND
SMITH BARNEY APPRECIATION FUND
SMITH BARNEY CONCERT ALLOCATION SERIES INC.
SMITH BARNEY EXCHANGE RESERVE FUND
SMITH BARNEY INVESTMENT GRADE BOND FUND
SMITH BARNEY MONEY FUNDS, INC. -CASH PORTFOLIO
SUPPLEMENT DATED OCTOBER 22, 1998 TO PROSPECTUSES*
The following information supplements, and to the extent inconsistent
therewith, supercedes the information contained in the Prospectus under
"Purchase of Shares."
"Upon completion of certain automated systems,
initial purchases of Fund shares may be made by wire.
The minimum investment that can be made by wire is
$10,000. Before sending the wire, the PFS Investments
Inc. Registered Representative must contact the Sub-
Transfer Agent at (800) 665-8677 to obtain proper
wire instructions.
Once an account is open, a shareholder may make
additional investments by wire. The shareholder
should contact the Sub-Transfer Agent at (800) 544-
5445 to obtain proper wire instructions.
SUBSEQUENT INVESTMENTS BY TELEPHONE
"Upon completion of certain automated systems,
shareholders who establish telephone transaction
authority on their account and supply bank account
information may make additions to their accounts at
any time. Shareholders should contact the Sub-
Transfer Agent at (800) 544-5445 between 9:00 a.m.
and 6:00 p.m. eastern time any day that the NYSE is
open. If a shareholder does not wish to allow
telephone subsequent investments by any person in his
account, he should decline the telephone transaction
option on the account application. The minimum
telephone subsequent investment is $250 and can be up
to a maximum of $10,000. By requesting a subsequent
purchase by telephone, you authorize the Sub-Transfer
agent to transfer funds from the bank account
provided for the amount of the purchase. A
shareholder who has insufficient funds to complete
the transfer will be charged a fee of up to $25 by
PFS or the Sub-Transfer Agent. A shareholder who
places a stop payment on a transfer or the transfer
is returned because the account has been closed, will
also be charged a fee of up to $25 by PFS or the Sub-
Transfer Agent. Subsequent investments by telephone
may not be available if the shareholder cannot reach
the Sub-Transfer Agent whether because all telephone
lines are busy or for any other reason; in such case,
a shareholder would have to use the Fund's regular
subsequent investment procedure described above.
The following information replaces the last paragraph contained in the
Prospectus under "Exchange Privilege."
"Upon completion of certain automated systems,
shareholders who establish telephone transaction
authorization on their account may request an
exchange by telephone. If a shareholder does not
wish to allow telephone exchanges by any person in
his account, he should decline the telephone
transaction option on the account application.
Exchanges will be processed at the net asset value
next determined. Redemption procedures discussed
below are also applicable for exchanging shares, and
exchanges will be made upon receipt of all supporting
documents in proper form. Exchanges between funds
involving exact registrations do not require a
signature guarantee. A capital gain or loss for tax
purposes will be realized upon the exchange,
depending upon the cost or other basis of shares
redeemed. Before exchanging shares, investors should
read the current prospectus describing the shares to
be acquired. Each Portfolio reserves the right to
modify or discontinue exchange privileges upon 60
days' prior notice to shareholders."
The following paragraph is inserted after the 5th paragraph and before the 6th
paragraph in the Prospectus under "Redemption of Shares" except in the
Smith Barney Money Funds, Inc. - Cash portfolio Prospectus, where it is
inserted after the 4th paragraph.
"A shareholder may utilize the Sub-Transfer Agent's
Telephone Redemption service to redeem his or her
account as long as they have authorized the telephone
redemption option. If a shareholder does not wish to
allow telephone redemptions by any person in his
account, he should decline the telephone transaction
option on the account application. The telephone
redemption option can be used only if: (a) the
redemption proceeds are to be mailed to the address
of record and there has been no change of address of
record within the preceding 45 days; (b) the shares
to be redeemed are not in certificate form; (c); the
person requesting the redemption can provide proper
identification information; and (d) the proceeds of
the redemption do not exceed $50,000. 403(b)(7)
accounts and accounts not registered in the name of
individual(s) are not eligible for the telephone
redemption option. Telephone redemption requests can
be made by contacting the Sub-Transfer Agent at (800)
544-5445 between 9:00 a.m. and 6:00 p.m. eastern time
any day that the NYSE is open. Telephone redemption
may not be available if the shareholder cannot reach
the Sub-Transfer Agent whether because all telephone
lines are busy or for any other reason; in such case,
a shareholder would have to use the Fund's regular
redemption procedure described above."
The following paragraph replaces the last paragraph in the Prospectus under
"Redemption of Shares."
"After following the above-stated redemption
guidelines, a shareholder may elect to have the
redemption proceeds transferred via Wire or ACH
directly to the shareholder's bank account of record
(defined as a currently established pre-authorized
draft on the shareholder's account included with the
application or with no changes within the previous 30
days) as long as the bank account is registered in
the same name(s) as the account with the Fund. If
the proceeds are not to be transferred to the bank
account of record or mailed to the registered owner,
the request must be submitted in writing and a
signature guarantee will be required from all
shareholders. A $25 service fee will be charged by
the Sub-Transfer Agent to help defray the
administrative expense of executing a wire
redemption. Redemption proceeds will normally be
sent to the designated bank account on the next
business day following the redemption, and should
ordinarily be credited to the shareholder's bank
account by his/her bank within 48 to 72 hours for
wire transfers and 72 to 96 hours for ACH transfers."
"Additional Information regarding Telephone
Redemption Program. Neither the Series or its agents
will be liable for following instructions
communicated by telephone that are reasonably
believed to be genuine. The Series 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."
PROSPECTUS DATES*
CONCERT INVESTMENT SERIES February 27, 1998
CONCERT PEACHTREE GROWTH FUND April 30, 1998
CONCERT SOCIAL AWARENESS FUND May 29, 1998
SMITH BARNEY APPRECIATION FUND April 30, 1998
SMITH BARNEY CONCERT ALLOCATION SERIES INC. May 29, 1998
SMITH BARNEY EXCHANGE RESERVE FUND November 28, 1998
SMITH BARNEY INVESTMENT GRADE BOND FUND April 30, 1998
SMITH BARNEY MONEY FUNDS, INC. -CASH PORTFOLIO April 30, 1998
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