Smith Barney Muni Funds
California Money Market Portfolio
Supplement to Prospectus dated July 1, 1996
The following information supplements the disclosure on the Cover page of the
Prospectus:
The Portfolio may invest a significant percentage of its assets in a single
issuer and therefore investment in the Portfolio may be riskier than an
investment in other types of money market funds.
The following information supplements the disclosure in the Section of the
Prospectus entitled "Investment Objective and Policies-- Risk and Portfolio
Management":
Because the Portfolio invests in securities backed by banks and other
financial institutions, change in the credit quality of these institutions
could cause losses to the Portfolio and effect its share price.
Supplement Dated: September 27,1996
FDO1201
Smith Barney Muni Funds
New York Money Market Portfolio
Supplement to Prospectus dated July 1, 1996
The following information supplements the disclosure on the Cover page of the
Prospectus:
The Portfolio may invest a significant percentage of its assets in a single
issuer and therefore investment in the Portfolio may be riskier than an
investment in other types of money market funds.
The following information supplements the disclosure in the Section of the
Prospectus entitled "Investment Objective and Policies-- Risk and Portfolio
Management":
Because the Portfolio invests in securities backed by banks and other
financial institutions, change in the credit quality of these institutions
could cause losses to the Portfolio and effect its share price.
Supplement Dated: September 27,1996
FDO 1202
g/funds/misc/mmcastkr
