Smith Barney Shearson Arizona Municipals Fund Inc.
Smith Barney Shearson California Municipals Fund Inc.
Smith Barney Shearson California Municipal Money Market Fund
Smith Barney Shearson Florida Municipals Fund
Smith Barney Shearson Government and Agencies Fund Inc.
Smith Barney Shearson Managed Municipals Fund Inc.
Smith Barney Shearson Massachusetts Municipals Fund
Smith Barney Shearson New Jersey Municipals Fund Inc.
Smith Barney Shearson New York Municipals Fund Inc.
Smith Barney Shearson New York Municipal Money Market Fund
Smith Barney Shearson Precious Metals and Minerals Fund Inc.
Supplement dated May 20, 1994 to Prospectuses*
The following information updates the disclosure found in the Prospectus
of the funds listed above (each a "Fund") under "Management of the Fund:"
Effective April 20 1994 Smith, Barney Advisers, Inc. ("Smith Barney Advisers")
will serve as the Fund's administrator and The Boston Company Advisors, Inc.
("Boston Advisors") will serve as the Fund's sub-administrator. On April 20,
1994 the Fund's Board approved a new administration agreement with Smith
Barney Advisers containing substantially the same terms and conditions,
including the level of fees, as the current agreement. Smith Barney Advisers,
among other responsibilities, provides senior executive management for the Fund
and generally oversees and directs all aspects of the Fund's administration
and operation. The Board also approved a sub-administration agreement with
Boston Advisors. Boston Advisors, among other responsibilities, calculates the
net asset value of the Fund's shares and generally assists in various aspects
of the Fund's administration and operation. Under the arrangements, Boston
Advisors will be paid a portion of the amount paid by the Fund to Smith Barney
Advisers at a rate as agreed upon from time to time between Smith Barney
Advisers and Boston Advisors.
_________________
* Prospectuses dated:
Arizona Municipals Fund Inc. 10/1/93
California Municipals Fund Inc. 4/29/94
California Municipal Money Market Fund 12/30/93
Florida Municipals Fund 12/30/93
Government and Agencies Fund Inc. 11/29/93
Managed Municipals Fund Inc. 4/29/94
Massachusetts Municipals Fund 1/29/94
New Jersey Municipals Fund Inc. 8/1/93
New York Municipals Fund Inc. 3/1/94
New York Municipal Money Market Fund 12/30/93
Precious Metals and Minerals Fund Inc. 12/30/93
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