File No. 811-04395
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
POST-EFFECTIVE AMENDMENT NO. 35
to the
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940
SMITH BARNEY MUNI FUNDS
(Formerly, Smith Barney Muni Bond Funds)
(Exact name of Registrant as specified
in the Declaration of Trust)
388 Greenwich Street, New York, New York 10013
(Address of principal executive offices)
(212) 816-6474
(Registrant's telephone number)
Christina T. Sydor
388 Greenwich Street New York, New York 10013 (22nd floor)
(Name and address of agent for service)
To amend Parts A, B and C
Rule 24f-2(a) (1) Declaration:
The shares of beneficial interest of Smith Barney Muni Funds
previously
registered hereunder as an indefinite number of shares of
beneficial
interest are classified as Florida Portfolio Shares, New Jersey
Portfolio
Shares, Limited Term Portfolio Shares, National Portfolio Shares,
California Portfolio Shares, New York Portfolio Shares, California
Money Market Portfolio Shares, New York Money Market Portfolio
Shares, California Limited Term Portfolio Shares, Florida Limited
Term
Portfolio Shares, Arizona Portfolio Shares, Connecticut Portfolio
Shares,
Georgia Portfolio Shares, Massachusetts Portfolio Shares, Michigan
Portfolio Shares, Ohio Portfolio Shares, Pennsylvania Portfolio
Shares,
Texas Portfolio Shares, Washington Portfolio Shares and New Jersey
Money Market Portfolio Shares.
Registrant filed its Rule 24f-2 Notice on May 26, 1995
for its most recent fiscal year ended March 31, 1995.
It is proposed that this Post-Effective Amendment will
become
effective
July 31, 1995 pursuant to paragraph (b) of Rule 485.
CROSS REFERENCE SHEET
(as required by Rule 495(a)
Part A of Form N-1A
Prospectus Caption
1. Cover Page. . . . . . . . . . . . . . . . . . . cover
page
2. Synopsis. . . . . . . . . . . . . . . . . . . .
"Prospectus Table"
3. Condensed Financial Information . . . . . . . .
"Financial
Highlights"
4. General Description of Registrant . . . . . . .
"Additional
Information"
cover
page
"Investment
Objective and
Policies"
5. Management of the Fund. . . . . . . . . . . . .
"Management of
the Fund"
"Prospectus
Summary"
6. Capital Stock and Other Securities. . . . . . .
"Additional
Information"
"Redemption of
Shares"
cover
page
"Dividends,
Distributions
and
Taxes"
7. Purchase of Securities Being
Offered . . . . . . . . . . . . . . . . . . . .
"Purchase of
Shares"
"Prospectus
Summary"
"Management of
the
Fund"
"Valuation of
Shares"
8. Redemption or Repurchase. . . . . . . . . . . .
"Redemption of
Shares"
"Minimum
Account
Size"
9. Legal Proceedings . . . . . . . . . . . . . . . not
applicable
Statement of Additional
Part B of Form N-1A
Information
Caption
10. Cover Page. . . . . . . . . . . . . . . . . . . cover
page
11. Table of Contents . . . . . . . . . . . . . . . "Table
of
Contents"
12. General Information and History . . . . . . . . not
applicable
13. Investment Objectives and Policies. . . . . . . cover
page
"Additional
Information
Regarding
Investment
Policies"
"Investment
Restrictions"
See
Prospectus-
"Investment
Objective and
Management
Policies"
<PAGE>
14. Management of the Registrant. . . . . . . . . .
"Trustees and
Officers"
15. Control Persons and Principal
Holders of Securities . . . . . . . . . . . . . See
Prospectus -
"Additional Information"
16. Investment Advisory and
Other Services. . . . . . . . . . . . . . . . . See
Prospectus -
"Management
of the
Fund"
"Trustees and
Officers"
"Independent
Auditors"
"Custodian"
17. Brokerage Allocation. . . . . . . . . . . . . . See
Prospectus -
"Management of
the
Fund"
18. Capital Stock and Other Securities. . . . . . . See
Prospectus -
"Additional Information"
"Voting
Rights"
"The
Fund"
19. Purchase, Redemption and Pricing
of Securities Being Offered . . . . . . . . . . See
Prospectus -
"Purchase of
Shares"
"Prospectus
Summary"
"Determination
of Net
Asset
Value"
See
Prospectus -
"Valuation of
Shares"
"Financial
Statements"
"Redemption of
Shares"
20. Tax Status. . . . . . . . . . . . . . . . . . . See
Prospectus -
"Dividends,
Distributions and
Taxes"
21. Underwriters. . . . . . . . . . . . . . . . . . See
Prospectus -
"Management
of the
Fund"
"Purchase of
Shares"
22. Calculation of Performance Data . . . . . . . .
"Performance
Information"
See
Prospectus -
"Performance"
23. Financial Statements. . . . . . . . . . . . . .
"Financial
Statements"
Part C of Form N-1A
Information required to be included in Part C is set forth under
the
appropriate item, so numbered in Part C of this Post-Effective
Amendment to the Registration Statement.
SMITH BARNEY MUNI FUNDS
Supplement dated July 31, 1995 to Prospectus
and Statement of Additional Information
dated July 31, 1995
for the California and New Jersey Portfolios
Although the California and New Jersey Portfolios (each, a
"Portfolio"
and collectively, the "Portfolios") of Smith Barney Muni Funds will
cease offering their shares to the public as of July 31, 1995, the
following information updates each Portfolio's Prospectus dated
November 7, 1994 as well as information pertaining to each
Portfolio in
the Statement of Additional Information dated November 7, 1994.
FEE TABLE
Each Portfolio's Expenses. The following expense table lists the
costs
and expenses an investor currently incurs directly or indirectly as
a
shareholder of each Portfolio, based on the maximum sales charge or
maximum CDSC that may be incurred at the time of purchase or
redemption and, unless otherwise noted, each Portfolio's operating
expenses for its most recent fiscal year:
For California and New Jersey Portfolios:
Class A Class
B Class
C Class Y
Shareholder Transaction
Expenses
Maximum sales charge imposed
on purchases 4.00% None
None None
(as a percentage of
offering price)
Maximum CDSC
(as a percentage of None* 4.50%
1.00% None
original cost or redemption
proceeds, whichever is lower)
California Portfolio
Annual Portfolio Operating Expenses**
(as a percentage of average
net assets)
Management fees 0.45% 0.45%
0.45
0.45%
12b-1 fees*** 0.15 0.65
0.70
- -
Other expenses 0.10 0.09
0.08
0.09
Total Portfolio Operating Expenses 0.70% 1.19%
1.23%
0.54%
New Jersey Portfolio
Annual Portfolio Operating Expenses**
(as a percentage of average
net assets)
Management fees 0.45% 0.45%
0.45
0.45%
12b-1 fees*** 0.15 0.65
0.70
- -
Other expenses 0.10 0.13
0.12
0.09
Total Portfolio Operating Expenses 0.70% 1.23%
1.27%
0.54%
*Purchases of Class A shares, which when combined with current
holdings of Class A shares offered with a sales charge equal or
exceed
$500,000 in the aggregate, will be made at net asset value with no
sales
charge, but will be subject to a CDSC of 1.00% on redemptions made
within 12 months.
** "Management fees" and "Other Expenses for Class A shares are
based on actual amounts for the fiscal year ended March 31, 1995.
"12b-
1 fees" have been restated to reflect the anticipated level of
12b-1 fees
for the current fiscal period. "Other expenses" for Class Y shares
have
been estimated because no Class Y shares were outstanding during
the
fiscal year ended March 31, 1995.
***Upon conversion of Class B shares to Class A shares, such shares
will no longer be subject to a distribution fee. Class C shares do
not
have a conversion feature and, therefore, are subject to an ongoing
distribution fee. As a result, long-term shareholders of Class C
shares
may pay more than the economic equivalent of the maximum front-end
sales charge permitted by the National Association of Securities
Dealers,
Inc.
Example
The following example is intended to assist an investor in
understanding the various costs that a current investor in each
Portfolio
will bear directly or indirectly. The example assumes payment by
each
Portfolio of operating expenses at the levels set forth in the
table above.
California Portfolio
1 Year 3
Years 5
Years 10 Years*
An investor would pay the following
expenses on a $1,000 investment,
assuming (1) 5.00% annual return
and (2) redemption at the end of
each time period:
Class A $47 $61
$77
$124
Class B 57 68
75
130
Class C 23 39
68
149
Class Y 6 17
30
68
An investor would pay the following
expenses on the same investment,
assuming the same annual return
and no redemption:
Class A $47 $61
$77
$124
Class B 12 38
75
130
Class C 13 39
68
149
Class Y 6 17
30
68
New Jersey Portfolio
1 Year
3 Years 5
Years 10 Years*
An investor would pay the following
expenses on a $1,000 investment,
assuming (1) 5.00% annual return
and (2) redemption at the end of
each time period:
Class A $47 $61
$77
$124
Class B 58 69
78
135
Class C 23 40
70
153
Class Y 6 17
30
68
An investor would pay the following
expenses on the same investment,
assuming the same annual return
and no redemption:
Class A $47 $61
$77
$124
Class B 13 38
68
135
Class C 13 40
70
153
Class Y 6 17
30
68
*Ten-year figures assume conversion of Class B shares to Class A
shares
at the end of the eighth year following the date of purchase.
The example also provides a means for the investor to
compare
expense levels of funds with different fee structures over varying
investment periods. To facilitate such comparison, all funds are
required
to utilize a 5.00% annual return assumption. However, the
Portfolio's
actual return will vary and may be greater or less than 5.00%.
This
example should not be considered a representation of past or future
expenses and actual expenses may be greater or less than those
shown.
Financial Highlights
Each Portfolio's "Financial Highlights" for the fiscal year ended
March
31, 1995 may be obtained from each Fund's Annual Report also dated
March 31, 1995.
Management of the Fund
For the following fiscal years each Portfolio paid management fees
as
follows:
3/31/95 3/31/94 3/31/93
California $773,229 $823,356 $638,950
New Jersey $301,338 $240,296 $129,326
Investment Objective and Management Policies
Portfolio Turnover Rate
3/31/95 3/31/94 3/31/93
Califiornia 31.65% 38.68% 24.28%
New Jersey 27.76% 11.02% 26.04%
Distribution Fees, Shareholder Service Fees,
and Communication Fees for the fiscal year
ended March 31, 1995
Portfolio
Distribution
Fees
Shareholder Servicing Agent
fees
Shareholder Communication
fees
California
$172,390
$28,634
$26,003
New Jersey
$69,588
$17,282
$14,111
Performance Data
The average annual return assuming deduction of maximum sales
charge
and reinvestment of dividends and capital gains distributions:
Portfolio
Class
One Year
Five Years
Life
Inception
California
Class A
2.22%
7.36%
6.33%
4/3/87
Class B
4.68% (Life)
11/11/94
Class C
4.80%
N/A
5.02%(Life)
1/5/93
New Jersey
Class A
2.38%
N/A
7.97%
10/11/90
Class B
6.36% (Life)
11/16/94
Class C
4.91%
N/A
5.10%
1/5/93
Financial Statements
The Fund's Annual Reports for the fiscal year ended March 31, 1995
accompanies this Supplement to the Prospectus and Statement of
Additional Information and is incorporated herein by reference in
its
entirety.
PART C Other Information
Item 24. Financial Statements and Exhibits
(a) Financial Statements
Location In:
Part A
Part
B
Annual
Report
Investment Portfolios --
*
Statement of Assets and Liabilities --
*
Statements of Operations --
*
Statements of Changes in Net Assets --
*
Notes to Financial Statements --
*
Supplementary Information --
*
* The Registrant's Annual Reports for the fiscal year ended March
31,
1995 and the Reports of Independent Accountants dated May 8, 1995
and
May 15, 1995 are incorporated by reference to the N-30D filed on
June
16, 1995 as Accession # 0000950109-95-2345.
All other statements and schedules are omitted because they are not
applicable or the required information will be shown in the
financial
statements or notes thereto.
(b) Exhibits
(1) (a) Restated Declaration of Trust dated as of
April
23, 1986 is incorporated herein by
reference to
Exhibit 1 to Pre-Effective Amendment No.
1 to
the Registration Statement No. 2-99861.
(b) Instrument of the Trustees Establishing
and
Designating Classes of Shares of Certain
Series
of the Trust is incorporated herein by
reference
to Exhibit 1(b) to Post-Effective
Amendment
No. 24.
(2) Bylaws of the Trust are incorporated by
reference to
Exhibit 2 to Pre-Effective Amendment No. 2.
(3) Not applicable.
(4) Not applicable.
(5) (a) Management Agreement between the National
Portfolio & Mutual Management Corp. is
incorporated by reference to Exhibit 5(b)
to
Post-Effective Amendment No. 18.
(b) Management Agreement between the Limited
Term Portfolio and Mutual Management
Corp.
is incorporated by reference to Exhibit
5(c) to
Post-Effective Amendment No. 18.
(c) Management Agreement between the
California
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(d)
to
Post-Effective Amendment No. 18.
(d) Management Agreement between the New York
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(e)
to
Post-Effective Amendment No. 18.
(e) Management Agreement between the New
Jersey Portfolio and Mutual Management
Corp.
is incorporated by reference to Exhibit
5(g) to
Post-Effective Amendment No. 18.
(f) Management Agreement between the Florida
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit
(5)(h) to
Post-Effective Amendment No. 16.
(g) Management Agreement between the
California
Limited Term Portfolio and Mutual
Management Corp. is incorporated by
reference
to Exhibit 5(i) to Post-Effective
Amendment
No. 25.
(h) Management Agreement between the Florida
Limited Term Portfolio and Mutual
Management Corp. is incorporated by
reference
to Exhibit 5(j) to Post-Effective
Amendment
No. 25.
(i) Management Agreement between the Arizona
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(k)
to
Post-Effective Amendment No. 27.
(j) Management Agreement between the
Connecticut Portfolio and Mutual
Management
Corp. is incorporated by reference to
Exhibit
5(l) to Post-Effective Amendment No. 27.
(k) Management Agreement between the Georgia
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(m)
to
Post-Effective Amendment No. 27.
(l) Management Agreement between the
Massachusetts Portfolio and Mutual
Management Corp. is incorporated by
reference
to Exhibit 5(n) to Post-Effective
Amendment
No. 27.
(m) Management Agreement between the Michigan
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(o)
to
Post-Effective Amendment No. 27.
(n) Management Agreement between the Ohio
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(p)
to
Post-Effective Amendment No. 27.
(o) Management Agreement between the
Pennsylvania Portfolio and Mutual
Management
Corp. is incoporated by reference to
Exhibit
5(q) to Post-Effective Amendment No. 27.
(p) Management Agreement between the Texas
Portfolio and Mutual Management Corp. is
incorporated by reference to Exhibit 5(r)
to
Post-Effective Amendment No. 27.
(q) Management Agreement between the
Washington Portfolio and Mutual
Management
Corp. is incorporated by reference to
Exhibit
5(s) to Post-Effective Amendment No. 27.
(r) Management Agreement between the New
Jersey Money Market Portfolio and Mutual
Management Corp. is incorporated by
reference
to Exhibit 5(t) to Post-Effective
Amendment
No. 27.
(s) Form of Management Agreement between
California Money Market Portfolio (or New
York Money Market Portfolio, as the case
may
be) and & Mutual Management Corp. filed
herewith.
(6) Distribution Agreement between Registrant and
Smith
Barney, Harris Upham & Co. Incorporated is
incorporated by reference to Exhibit 6 to Post-
Effective Amendment No. 7.
(7) Not applicable.
(8) Custodian Agreement between Registrant and
Provident National Bank is incorporated by
reference
to Exhibit 8 to Pre-Effective Amendment No. 1.
(9) Transfer Agency Agreement between Registrant and
Provident Financial Processing Corp. is
incorporated
by reference to Exhibit 9 to Post-Effective
Amendment
No. 12.
(10) Opinion of Gaston & Snow is incorporated by
reference to Exhibit 10 to Pre-Effective
Amendment
No. 1.
(11) (i) Auditors' Report (See the Annual Report
to
Shareholders which is incorporated by
reference
in the Statement of Additional
Information).
(ii) Auditors' Consent
(iii) Power of Attorney is incorporated by
reference
to Exhibit 11(iii) to Post-
Effective Amendment No. 23
(12) Not applicable.
(13) Subscription Agreement between Registrant and
Mutual Management Corp. is incorporated by
reference to Exhibit 13 to Pre-Effective
Amendment
No. 1.
(14) Not applicable.
(15) (a) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the California Money Market
Portfolio
is incorporated by reference to Exhibit
15 to
Post-Effective Amendment No. 21.
(b) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the California Limited Term
Portfolio
is incorporated by reference to Exhibit
15(b) to
Post-Effective Amendment No. 25.
(c) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Florida Limited Term
Portfolio is
incorporated by reference to Exhibit
15(c) to
Post-Effective Amendment No. 25.
(d) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Arizona Portfolio is
incorporated
by reference to Exhibit 15(d) to
Post-Effective
Amendment No.27.
(e) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Connecticut Portfolio is
incoporated by reference to Exhibit 15(e)
to
Post-Effective Amendment No. 27.
(f) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Georgia Portfolio is
incorporated
by reference to Exhibit 15(f) to
Post-Effective
Amendment No.27.
(g) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Massachusetts Portfolio is
incorporated by reference to Exhibit
15(g) to
Post-Effective Amendment No. 27.
(h) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Michigan Portfolio is
incorporated
by reference to Exhibit 15(h) to
Post-Effective
Amendment No. 27.
(i) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Ohio Portfolio is
incorporated by
reference to Exhibit 15(i) to
Post-Effective
Amendment No. 27.
(j) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Pennsylvania Portfolio is
incorporated by reference to Exhibit
15(j) to
Post-Effective Amendment No. 27.
(k) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Texas Portfolio is
incorporated by
reference to Exhibit 15(k) to
Post-Effective
Amendment No. 27.
(l) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the Washington Portfolio is
incorporated by reference to Exhibit
15(l) to
Post-Effective Amendment No. 27.
(m) Plan of Distribution pursuant to Rule
12b-1 on
behalf of the New Jersey Money Market
Portfolio is incorporated by reference to
Exhibit
15(m) to Post-Effective Amendment No. 27.
(n) Form of Plan of Distribution pursuant to
Rule
12b-1 on behalf of Class A shares
of each
Portfolio, except the California Money Market and the New York
Money
Market Portfolio, filed herewith.
(16) Schedule of Computation of Performance
Quotations
is incorporated by reference to Exhibit 16 to
Post-
Effective Amendment No. 5.
Item 25. Persons Controlled by or under Common Control with
Registrant
The Registrant is not controlled directly or indirectly
by any
person. Information with respect to the Registrant's
investment manager is set forth under the caption
"Management of the Fund" in the prospectus included in
Part
A of this Post-Effective Amendment on Form N-1A.
Item 26. Number of Holders of SecuritiesNumber of Recordholders
on
Title of ClassJune 30, 1995
National Portfolio 8,899
New Jersey Portfolio 1,651
New York Portfolio 2,605
California Portfolio 2,681
Limited Term Portfolio 5,032
California Money Market Portfolio o28,387
Florida Portfolio 2,123
New York Money Market Portfolio 26,084
California Limited Term Portfolio 170
Florida Limited Term Portfolio 292
Arizona Portfolio 0
Connecticut Portfolio 0
Georgia Portfolio 357
Massachusetts Portfolio 0
Michigan Portfolio 0
Ohio Portfolio 235
Pennsylvania Portfolio 544
Texas Portfolio 0
Washington Portfolio 0
New Jersey Money Market Portfolio 0
Item 27. Indemnification
Reference is made to ARTICLE V of Registrant's
Declaration
of Trust for a complete statement of its terms.
Section 5.2 of
ARTICLE V provides: "No Trustee, officer, employee or
agent of the Trust shall be liable to the Trust, its
Shareholders, or to any Shareholder, Trustee, officer,
employee or agent thereof for any action or failure to
act
(including without limitation the failure to compel in
any way
any former or acting Trustee to redress any breach of
trust)
except for his own bad faith, willful misfeasance,
gross
negligence or reckless disregard of his or its duties."
Emphasis added.
Item 28. Business and other Connections of Investment Adviser
See the material under the caption "Management
of the Fund" included in Part A (Prospectus) of
this Registration Statement and the material
appearing under the caption "Management
Agreement" included in Part B (Statement of
Additional Information) of this Registration
Statement.
Information as to the Directors and Officers of
Smith Barney Mutual Funds Management Inc. is
included in its Form ADV (File No. 801-8314),
filed with the Commission, which is incorporated
herein by reference thereto.
Item 29. Principal Underwriters
(a) Smith Barney Inc. ("Smith
Barney ") also acts as principal
underwriter for the Smith Barney
Money Funds, Inc.; Smith Barney
Municipal Money Market Fund,
Inc.; Smith Barney Muni Funds;
Smith Barney Funds, Inc.; Smith
Barney World Funds, Inc.; Smith
Barney Variable Account Funds;
Smith Barney/Travelers Series Fund
Inc.; Smith Barney Intermediate
Municipal Fund, Inc.; Smith Barney
Municipal Fund, Inc.; High Income
Opportunity Fund Inc.; Greenwich
Street California Municipal Fund
Inc.; Smith Barney Investment
Funds, Inc.; Smith Barney
California Municipal Money Market
Fund; Smith Barney Adjustable Rate
Government Income Fund; Smith
Barney Equity Funds; Smith Barney
Income Funds; Smith Barney New
York Municipal Money Market
Fund; Smith Barney Massachusetts
Municipals Fund; Smith Barney
Small Capitalization Fund; Zenix
Income Fund Inc; Smith Barney
Arizona Municipals Fund Inc.;
Smith Barney Principal Return
Fund; The Advisors Fund L.P.;
Smith Barney 1990s Fund;
Municipal High Income Fund Inc.;
Pacific Corinthian Variable Annuity
Fund; The Trust for TRAK
Investments; Smith Barney Series
Fund; Smith Barney Income Trust;
Smith Barney Aggressive Growth
Fund Inc.; Smith Barney
Appreciation Fund Inc.; Smith
Barney California Municipals Fund
Inc.; Smith Barney Fundamental
Value Fund Inc.; Smith Barney
Managed Governments Fund Inc.;
Smith Barney Managed Municipals
Fund Inc.; Smith Barney New York
Municipals Fund Inc.; Smith Barney
New Jersey Municipals Fund Inc.;
Smith Barney Worldwide Prime
Assets Fund; Smith Barney Precious
Metals and Minerals Fund Inc.;
Smith Barney Investment Funds
Inc.; Smith Barney FMA (R) Trust;
The Italy Fund Inc.; Smith Barney
Telecommunications Trust; Managed
Municipals Portfolio Inc.; Managed
Municipals Portfolio II Inc.; Smith
Barney Florida Municipal Fund;
Managed High Income Portfolio
Inc.; Smith Barney acts as
investment manager of The
Inefficient-Market Fund, Inc.
(b) The information required by this
Item 29 with respect to each director
and officer of Smith Barney is
incorporated by reference to
Schedule A of Form BD filed by
Smith Barney pursuant to the
Securities Exchange Act of 1934
(SEC File No. 8-8177).
(c) Not applicable
Item 30. Location of Accounts and Records
PNC Bank, National Association, 17th and Chestnut
Streets,
Philadelphia, Pennsylvania 19103, and The Shareholder
Services Group Inc., One Exchange Place, Boston,
Massachusetts 02109, will maintain the custodian and
the
shareholders servicing agent records, respectively
required by
Section 31(a).
All other records required by Section 31(a) are
maintained at
the offices of the Registrant at 388 Greenwich Street,
New
York, New York 10013 (and preserved for the periods
specified by Rule 31a-2).
Item 31. Management Services
Not applicable.
Item 32. Undertakings
(a) Not applicable.
(b) Registrant undertakes, if requested to do so by
the
holders of at least 10% of Registrant's outstanding
shares, to
call a meeting of shareholders for the purpose of
voting upon
the question of removal of a Trustee or Trustees and to
assist
in communications with other shareholders as required
by
Section 16(c).
(c) Registrant undertakes to furnish each person to
whom a
prospectus is delivered with a copy of Registrant's
latest
report to shareholders, upon request and without
charge.
485(b) Certification
The Registrant hereby certifies that it meets all of its
requirements for effectiveness pursuant to Rule 485(b) under the
Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant
certifies that it meets all of the requirements for effectiveness
of this Post-Effective Amendment to the Registration
Statement pursuant to Rule 485 (b) under the Securities Act of 1933
and has duly caused this Post-Effective Amendment
to its Registration Statement to be signed on its behalf by the
undersigned and where applicable, the true and lawful
attorney-in-fact, thereto duly authorized, in the City of New York,
and State of New York on the 27th day of July,
1995.
SMITH BARNEY MUNI FUNDS
By/s/ Heath B. McLendon
Heath B. McLendon, Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement
has been signed below by the following persons in the capacities
and on the date indicated.
Signature Title
Date
/s/ Heath B. McLendon Chief
Executive Officer July 27, 1995
(Heath B. McLendon)
(Principal Executive Officer)
and
Trustee
/s/ Jessica M. Bibliowicz President
and Trustee July 27, 1995
(Jessica M. Bibliowicz)
Ralph D. Creasman* Trustee
(Ralph D. Creasman)
Joseph H. Fleiss* Trustee
(Joseph H. Fleiss)
Donald R. Foley* Trustee
(Donald R. Foley)
Trustee
(Paul Hardin III)
Francis P. Martin* Trustee
(Francis P. Martin)
Roderick C. Rasmussen* Trustee
(Roderick C. Rasmussen)
John P. Toolan* Trustee
(John P. Toolan)
Signature Title
Date
C. Richard Youngdahl* Trustee
(C. Richard Youngdahl)
/s/ Lewis E. Daidone Senior
Vice President July 27, 1995
(Lewis E. Daidone) and
Treasurer (Principal Financial
and
Accounting Officer)
*By: /s/ Christina T. Sydor
Christina T. Sydor
Pursuant to Power of Attorney
July 27, 1995
EXHIBIT
INDEX
Exhibit No. Exhibit
Page No.
11(ii) Auditor's Consent
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 101
<NAME> CALIFORNIA PORTFOLIO - CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-1-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT COST> 163,257,338
<INVESTMENTS-AT VALUE> 168,379,938
<RECEIVABLES> 2,916,770
<ASSETS-OTHER> 11,412
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,308,120
<PAYABLE-FOR-SECURITIES> 1,574,775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245,453
<TOTAL-LIABILITIES> 1,820,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,275,600
<SHARES-COMMON-STOCK> 13,189,538
<SHARES-COMMON-PRIOR> 13,434,342
<ACCUMULATED-NII-CURRENT> 197,611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,842
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,122,600
<NET-ASSETS> 169,487,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,647,965
<OTHER-INCOME> 0
<EXPENSES-NET> 1,072,164
<NET-INVESTMENT-INCOME> 10,575,801
<REALIZED-GAINS-CURRENT> 169,042
<APPREC-INCREASE-CURRENT> (444,401)
<NET-CHANGE-FROM-OPS> 10,300,442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,223,922)
<DISTRIBUTIONS-OF-GAINS> (16,219)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,324,798
<NUMBER-OF-SHARES-REDEEMED> (3,314,660)
<SHARES-REINVESTED> 287,711
<NET-CHANGE-IN-ASSETS> (7,229,971)
<ACCUMULATED-NII-PRIOR> 234,105
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (71,248)
<GROSS-ADVISORY-FEES> 773,229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,072,164
<AVERAGE-NET-ASSETS> 172,291,882
<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.75)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 102
<NAME> CALIFORNIA PORTFOLIO - CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-1-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT COST> 163,257,338
<INVESTMENTS-AT VALUE> 168,379,938
<RECEIVABLES> 2,916,770
<ASSETS-OTHER> 11,412
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,308,120
<PAYABLE-FOR-SECURITIES> 1,574,775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245,453
<TOTAL-LIABILITIES> 1,820,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 578,555
<SHARES-COMMON-STOCK> 49,404
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 197,611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,842
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,122,600
<NET-ASSETS> 169,487,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,647,965
<OTHER-INCOME> 0
<EXPENSES-NET> 1,072,164
<NET-INVESTMENT-INCOME> 10,575,801
<REALIZED-GAINS-CURRENT> 169,042
<APPREC-INCREASE-CURRENT> (444,401)
<NET-CHANGE-FROM-OPS> 10,300,442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,841)
<DISTRIBUTIONS-OF-GAINS> (734)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84,879
<NUMBER-OF-SHARES-REDEEMED> (35,955)
<SHARES-REINVESTED> 480
<NET-CHANGE-IN-ASSETS> (7,229,971)
<ACCUMULATED-NII-PRIOR> 234,105
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (71,248)
<GROSS-ADVISORY-FEES> 773,229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,072,164
<AVERAGE-NET-ASSETS> 172,291,882
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.75
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.29
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 103
<NAME> CALIFORNIA PORTFOLIO - CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-1-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT COST> 163,257,338
<INVESTMENTS-AT VALUE> 168,379,938
<RECEIVABLES> 2,916,770
<ASSETS-OTHER> 11,412
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,308,120
<PAYABLE-FOR-SECURITIES> 1,574,775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245,453
<TOTAL-LIABILITIES> 1,820,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,232,684
<SHARES-COMMON-STOCK> 560,918
<SHARES-COMMON-PRIOR> 457,348
<ACCUMULATED-NII-CURRENT> 197,611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 80,842
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,122,600
<NET-ASSETS> 169,487,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,647,965
<OTHER-INCOME> 0
<EXPENSES-NET> 1,072,164
<NET-INVESTMENT-INCOME> 10,575,801
<REALIZED-GAINS-CURRENT> 169,042
<APPREC-INCREASE-CURRENT> (444,401)
<NET-CHANGE-FROM-OPS> 10,300,442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (381,532)
<DISTRIBUTIONS-OF-GAINS> (1)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,193
<NUMBER-OF-SHARES-REDEEMED> (129,420)
<SHARES-REINVESTED> 17,630
<NET-CHANGE-IN-ASSETS> (7,229,971)
<ACCUMULATED-NII-PRIOR> 234,105
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (71,248)
<GROSS-ADVISORY-FEES> 773,229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,072,164
<AVERAGE-NET-ASSETS> 172,291,882
<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.66)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 081
<NAME> NEW JERSEY PORTFOLIO CLASS-A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MARCH 31, 1995
<PERIOD-START> APRIL 1, 1994
<PERIOD-END> MARCH 31, 1995
<INVESTMENTS-AT COST> 58,993,068
<INVESTMENTS-AT VALUE> 60,917,375
<RECEIVABLES> 1,497,562
<ASSETS-OTHER> 309,469
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,724,406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,255
<TOTAL-LIABILITIES> 73,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,024,724
<SHARES-COMMON-STOCK> 4,371,985
<SHARES-COMMON-PRIOR> 5,024,598
<ACCUMULATED-NII-CURRENT> 23,140
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (999,309)
<ACCUM-APPREC-OR-DEPREC> 1,924,307
<NET-ASSETS> 62,651,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,399,983
<OTHER-INCOME> 0
<EXPENSES-NET> 466,981
<NET-INVESTMENT-INCOME> 3,953,002
<REALIZED-GAINS-CURRENT> (893,607)
<APPREC-INCREASE-CURRENT> 902,353
<NET-CHANGE-FROM-OPS> 3,961,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,792,826)
<DISTRIBUTIONS-OF-GAINS> (8,274)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 720,829
<NUMBER-OF-SHARES-REDEEMED> (1,696,457)
<SHARES-REINVESTED> 149,704
<NET-CHANGE-IN-ASSETS> (9,253,988)
<ACCUMULATED-NII-PRIOR> 3,798,018
<ACCUMULATED-GAINS-PRIOR> (73,918)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 301,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446,981
<AVERAGE-NET-ASSETS> 67,052,851
<PER-SHARE-NAV-BEGIN> 13.23
<PER-SHARE-NII> 0.77
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.29
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 082
<NAME> NEW JERSEY PORTFOLIO-CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MARCH 31, 1995
<PERIOD-START> APRIL 1, 1994
<PERIOD-END> MARCH 31, 1995
<INVESTMENTS-AT COST> 58,993,068
<INVESTMENTS-AT VALUE> 60,917,375
<RECEIVABLES> 1,497,562
<ASSETS-OTHER> 309,469
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,724,406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,255
<TOTAL-LIABILITIES> 73,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,040,643
<SHARES-COMMON-STOCK> 81,274
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 23,140
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (999,309)
<ACCUM-APPREC-OR-DEPREC> 1,924,307
<NET-ASSETS> 62,651,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,399,983
<OTHER-INCOME> 0
<EXPENSES-NET> 466,981
<NET-INVESTMENT-INCOME> 3,953,002
<REALIZED-GAINS-CURRENT> (893,607)
<APPREC-INCREASE-CURRENT> 902,353
<NET-CHANGE-FROM-OPS> 3,961,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,928)
<DISTRIBUTIONS-OF-GAINS> 20
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,393
<NUMBER-OF-SHARES-REDEEMED> (786)
<SHARES-REINVESTED> 667
<NET-CHANGE-IN-ASSETS> (9,253,988)
<ACCUMULATED-NII-PRIOR> 3,798,018
<ACCUMULATED-GAINS-PRIOR> (73,918)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 301,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446,981
<AVERAGE-NET-ASSETS> 67,052,851
<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775370
<NAME> SMITH BARNEY MUNI FUNDS
<SERIES>
<NUMBER> 083
<NAME> NEW JERSEY PORTFOLIO-CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MARCH 31, 1995
<PERIOD-START> APRIL 1, 1994
<PERIOD-END> MARCH 31, 1995
<INVESTMENTS-AT COST> 58,993,068
<INVESTMENTS-AT VALUE> 60,917,375
<RECEIVABLES> 1,497,562
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,724,406
<PAYABLE-FOR-SECURITIES> 5,005
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,250
<TOTAL-LIABILITIES> 73,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,637,645
<SHARES-COMMON-STOCK> 261,068
<SHARES-COMMON-PRIOR> 238,819
<ACCUMULATED-NII-CURRENT> 23,140
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (999,309)
<ACCUM-APPREC-OR-DEPREC> 1,924,307
<NET-ASSETS> 62,651,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,399,983
<OTHER-INCOME> 0
<EXPENSES-NET> 466,981
<NET-INVESTMENT-INCOME> 3,953,002
<REALIZED-GAINS-CURRENT> (893,607)
<APPREC-INCREASE-CURRENT> 902,353
<NET-CHANGE-FROM-OPS> 3,961,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (174,067)
<DISTRIBUTIONS-OF-GAINS> (458)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,774
<NUMBER-OF-SHARES-REDEEMED> (37,013)
<SHARES-REINVESTED> 9,488
<NET-CHANGE-IN-ASSETS> (9,253,988)
<ACCUMULATED-NII-PRIOR> 3,798,018
<ACCUMULATED-GAINS-PRIOR> (73,918)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 301,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446,981
<AVERAGE-NET-ASSETS> 67,052,851
<PER-SHARE-NAV-BEGIN> 13.22
<PER-SHARE-NII> 0.69
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Independent Auditors' Consent
To the Shareholders and Trustees of the
Smith Barney Muni Funds:
We consent to the use of our reports dated as summarized
below, with respect to the Portfolios listed below of Smith
Barney Muni Funds incorporated herein by reference and to
the references to our Firm under the headings "Financial
Highlights" in the Prospectuses of the Portfolios listed
below and "Independent Auditors" in the Statement of
Additional Information.
Date of
Portfolio Auditors'
Report
National Portfolio May 8, 1995
Limited Portfolio May 8, 1995
California Money Market Portfolio May 15, 1995
New York Money Market Portfolio May 15, 1995
California Portfolio May 15, 1995
New York Portfolio May 15, 1995
New Jersey Portfolio May 15, 1995
Florida Portfolio May 15, 1995
California Limited Term Portfolio May 15, 1995
Florida Limited Term Portfolio May 15, 1995
Georgia Portfolio May 15, 1995
Ohio Portfolio May 15, 1995
Pennsylvania Portfolio May 15, 1995
KPMG PEAT MARWICK
LLP
New York, New York
July 26, 1995
