SMITH BARNEY
ADJUSTABLE RATE GOVERNMENT LIMITED MATURITY
MUNICIPALS
INCOME FUND FUND
ARIZONA MUNICIPALS FUND LIMITED MATURITY TREASURY
CALIFORNIA MUNICIPALS FUND FUND
DIVERSIFIED STRATEGIC INCOME FUND MANAGED GOVERNMENTS FUND
FLORIDA MUNICIPALS FUND MANAGED MUNICIPALS FUND
GOVERNMENT SECURITIES FUND MASSACHUSETTS MUNICIPALS
INTERMEDIATE MATURITY CALIFORNIA FUND
MUNICIPALS FUND NEW YORK MUNICIPALS FUND
INTERMEDIATE MATURITY NEW YORK OREGON MUNICIPALS FUND
MUNICIPALS FUND TAX-EXEMPT INCOME FUND
INVESTMENT GRADE BOND FUND UTILITIES FUND
Supplement Dated May 25, 1995 to Prospectuses*
The following information supplements, and to the
extent inconsistent therewith, supersedes the information
set forth in the Prospectuses of the above mentioned Funds.
Dividend Declaration
Beginning July 1, 1995, each Fund will declare
dividends from its net investment income monthly. Dividends
will be ordinarily paid by each Fund on the last Friday of
each month, to shareholders of record as of the preceding
Tuesday.
Payment for and Redemption of Shares
Beginning June 7, 1995, in accordance with certain
regulatory changes, payment for Fund shares is due to Smith
Barney or an Introducing Broker or an investment dealer in
the selling group on the third business day after trade
date. In addition, redemption proceeds will be remitted to
shareholders no later than the third business day after
receipt of proper tender of a redemption request.
* Prospectuses dated:
Adjustable Rate Government Income Fund
7/30/94 Limited Maturity Municipals Fund
1/29/95
Arizona Municipals Fund 7/30/94 Limited Maturity Treasury
Fund 1/29/95
California Municipals Fund 4/29/95
Managed Governments Fund 11/7/94
Diversified Strategic Income Fund 11/7/94
Managed Municipals Fund 4/29/95
Florida Municipals Fund 12/30/94 Massachusetts Municipals
Fund 1/29/95
Government Securities Fund 3/1/95 New
York Municipals Fund 11/7/94
Intermediate Maturity California Municipals Fund
1/29/95 Oregon Municipals Fund
5/23/94
Intermediate Maturity New York Municipals Fund
1/29/95 Tax-Exempt Income Fund
11/7/94
Investment Grade Bond Fund 3/1/95
Utilities Fund 11/7/94
