SUPPLEMENT DATED NOVEMBER 23, 1999 TO PROSPECTUSES*
The following information supplements the information set forth in the
Prospectus under "More about deferred sales charges":
Each time you place a request to sell shares, the fund will first sell any
shares in your account that are not subject to a deferred sales charge and then
the shares in your account that have been held the longest.
- - ------------
*Prospectuses dated:
CONCERT INVESTMENT SERIES February 28, 1999
EMERGING GROWTH FUND
GOVERNMENT FUND
GROWTH FUND
GROWTH AND INCOME FUND
INTERNATIONAL EQUITY FUND
MID CAP FUND
MUNICIPAL BOND FUND
SMITH BARNEY ADJUSTABLE RATE
GOVERNMENT INCOME FUND September 28, 1999
SMITH BARNEY APPRECIATION FUND April 30, 1999
SMITH BARNEY ARIZONA MUNICIPALS FUND INC. September 28, 1999
SMITH BARNEY CALIFORNIA MUNICIPALS FUND INC June 28, 1999
SMITH BARNEY CONCERT ALLOCATION SERIES INC
BALANCED PORTFOLIO June 1, 1999
CONSERVATIVE PORTFOLIO June 1, 1999
GROWTH PORTFOLIO June 1, 1999
HIGH GROWTH PORTFOLIO June 1, 1999
INCOME PORTFOLIO June 1, 1999
GLOBAL PORTFOLIO June 1, 1999
SMITH BARNEY EQUITY FUNDS May 31, 1999
SMITH BARNEY FUNDAMENTAL VALUE FUND INC. January 28, 1999
SMITH BARNEY FUNDS, INC.
LARGE CAP VALUE FUND April 30, 1999
U.S.GOVERNMENT SECURITIES FUND April 30, 1999
SMITH BARNEY INCOME FUNDS
SMITH BARNEY PREMIUM TOTAL RETURN FUND April 30, 1999
SMITH BARNEY INVESTMENT FUNDS INC.
CONCERT PEACHTREE GROWTH FUND April 30, 1999
SMITH BANREY GOVERNEMENT SECURITIES FUND April 30, 1999
SMITH BARNEY CONTRARIAN FUND April 30, 1999
SMITH BARNEY HANSBERGER GLOBAL
SMALL CAP VALUE FUND August 30,1999
SMITH BARNEY HANSBERGER GLOBAL VALUE FUND August 30, 1999
SMITH BARNEY INVESTMENT GRADE BOND FUND April 30, 1999
SMITH BANREY PREMIER SELECTIONS FUND July 16, 1999
SMITH BARNEY SMALL CAP GROWTH FUND October 11, 1999
SMITH BARNEY SMALL CAP VALUE FUND December 28, 1998
SMITH BARNEY INVESTMENT TRUST
SMITH BARNEY INTERMEDIATE MATURITY
CALIFORNIA MUNICIPALS FUND March 30, 1999
SMITH BARNEY INTERMEDIATE MATURITY
NEW YORK MUNICIPALS FUND March 30, 1999
SMITH BARNEY LARGE CAPITALIZATION
GROWTH FUND March 30, 1999
SMITH BARNEY MID CAP BLEND FUND March 30, 1999
SMITH BARNEY MANAGED MUNICIPALS FUND INC. June 28, 1999
SMITH BARNEY MASSACHUSETTS MUNICIPALS FUND March 30, 1999
SMITH BARNEY MUNI FUNDS
FLORIDA PORTFOLIO July 29, 1999
GEORGIA PORTFOLIO July 29, 1999
LIMITED TERM PORTFOLIO July 29, 1999
NATIONAL PORTFOLIO July 29, 1999
NEW YORK PORTFOLIO July 29, 1999
PENNSYLVANIA PORTFOLIO July 29, 1999
SMITH BARNEY NATURAL RESOURCES FUND February 26, 1999
SMITH BARNEY NEW JERSEY MUNICIPALS FUND, INC. July 29, 1999
SMITH BARNEY OREGON MUNICIPALS FUND August 27, 1999
SMITH BARNEY SMALL CAP BLEND FUND, INC. April 30, 1999
SMITH BARNEY WORLD FUNDS, INC. February 28, 1999
FD 01757
