<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 15, 1999.
SECURITIES ACT FILE NO. 333-88929
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________________
FORM N-14
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 [X]
PRE-EFFECTIVE AMENDMENT NO. 2 [X]
POST-EFFECTIVE AMENDMENT NO. [_]
SMITH BARNEY MUNI FUNDS
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
388 Greenwich Street, New York, New York 10013
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(212) 816-6474
(REGISTRANT'S AREA CODE AND TELEPHONE NUMBER)
CHRISTINA T. SYDOR, ESQ.
Smith Barney Muni Funds
388 Greenwich Street,
New York, New York 10013
(NAME AND ADDRESS OF AGENT FOR SERVICE)
WITH COPIES TO:
BURTON M. LEIBERT, ESQ. DAVID M. CARTER, ESQ.
Willkie Farr & Gallagher Hunton & Williams
787 Seventh Avenue 600 Peachtree Street, N.E., Suite 4100
New York, NY 10019-6099 Atlanta, Georgia 30308-2216
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after
this Registration Statement becomes effective.
TITLE OF SECURITIES BEING REGISTERED:
Shares of Beneficial Interest ($.001 par value) of the Georgia Portfolio, a
Series of the Registrant
___________________
The Registrant has registered an indefinite amount of securities under the
Securities Act of 1933 pursuant to Section 24(f) under the Investment Company
Act of 1940, as amended; accordingly, no fee is payable herewith because of
reliance upon Section 24(f).
- --------------------------------------------------------------------------------
<PAGE>
PART A
INFORMATION REQUIRED IN THE PROXY STATEMENT/PROSPECTUS
Part A of this Registration Statement on Form N-14 (the "Registration
Statement") is incorporated by reference into this Pre-Effective Amendment No. 2
to the Registration Statement from the initial filing of the Registration
Statement with the Securities and Exchange Commission on October 13, 1999.
<PAGE>
PART B
INFORMATION REQUIRED IN THE STATEMENT OF ADDITIONAL INFORMATION
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION DATED NOVEMBER 15, 1999
Acquisition of the Assets of
ALTERMAN INVESTMENT FUND, INC. ("Alterman")
182 Hilderbrand Drive, Suite 102
Atlanta, Georgia 30328
(404) 237-9891
By and in Exchange for Shares of
THE GEORGIA PORTFOLIO
("Georgia Portfolio")
a series of
SMITH BARNEY MUNI FUNDS
388 Greenwich Street
New York, New York 10013
(212) 816-6474
This Statement of Additional Information, relating specifically to the
proposed transfer of all or substantially all of the assets of Alterman to the
Georgia Portfolio, a series of Muni Funds, in exchange for Class A shares of the
Georgia Portfolio and the assumption by the Georgia Portfolio of stated
liabilities of Alterman, consists of this cover page and the following described
documents, each of which accompanies this Statement of Additional Information
and is incorporated herein by reference.
1. Statement of Additional Information for the Georgia Portfolio, dated
July 29, 1999.
2. Annual Report of the Georgia Portfolio for the year ended March 31,
1999.
3. Annual Report of Alterman for the year ended April 30, 1999.
This Statement of Additional Information is not a prospectus. A combined
Prospectus/Proxy Statement, dated November 15, 1999, relating to the above-
referenced matter may be obtained without charge by calling or writing Alterman
or the Georgia Portfolio at the applicable telephone number or address set forth
above. This Statement of Additional Information should be read in conjunction
with the combined Prospectus/Proxy Statement.
B-1
<PAGE>
FINANCIAL STATEMENTS
The Annual Report of the Georgia Portfolio for the year ended March 31,
1999 and the Annual Report of Alterman for the year ended April 30, 1999, each
including audited financial statements, notes to the financial statements and
report of the independent auditors, are incorporated by reference herein. To
obtain a copy of the Annual Reports without charge, please call Alterman at
(800) 861-1844 or the Georgia Portfolio at (800) 451-2010, as applicable.
PRO FORMA FINANCIAL STATEMENTS (UNAUDITED)
The following tables set forth the unaudited pro forma condensed Statement
of Assets and Liabilities as of April 30, 1999, and the unaudited pro forma
condensed Statement of Operations for the twelve month period ended April 30,
1999 for the Georgia Portfolio and Alterman as adjusted giving effect to the
Reorganization.
PRO FORMA CONDENSED STATEMENT OF ASSETS AND LIABILITIES
AS OF APRIL 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Georgia Portfolio Alterman Pro forma Georgia Portfolio
(Actual) (Actual) Adjustments (As adjusted)
------------------ -------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Investments, at value $ 55,926,942 $ 22,174,734 $ -- $ 78,101,676
Cash 16,283 16,283
Other assets less liabilities 251,853 134,755 $ 208,748 595,356
----------------- -------------- ------------------- -------------------
Net assets $ 56,178,795 $ 22,325,772 $ 208,748 $ 78,713,315
================= ============== =================== ===================
Shares outstanding 4,196,035 787,769 879,544 5,863,348
Net asset value per share $ 13.39 $ 28.34 $ 13.42
</TABLE>
_________________________
B-2
<PAGE>
COMBINED ASSETS AND LIABILITIES
AT APRIL 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Georgia Portfolio Alterman Pro forma Georgia Portfolio
(Actual) (Actual) Adjustments (As adjusted)
------------------ --------------- --------------- -------------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value $ 55,926,941.90 $ 22,174,734.00 $ -- $ 78,101,675.90
Cash (283,128.32) 16,283.00 -- (266,845.32)
Receivable for Fund shares sold 23,459.94 -- -- 23,459.94
Receivable for securities sold -- -- -- --
Interest receivable 909,114.59 343,231.00 -- 1,252,345.59
Prepaid Expenses -- 272.00 -- 272.00
----------------- --------------- -------------- -------------------
Total Assets $ 56,576,388.11 $ 22,534,520.00 $ 79,110,908.11
Liabilities:
Payable for fund shares purchased 23,192.11 -- -- 23,192.11
Payable for securities purchased 186,056.72 -- -- 186,056.72
Management fees payable 129,506.69 3,928.00 (3,928.00) 129,506.69
Distribution fees payable 6,483.10 -- -- 6,483.10
Servicing fees payable 991.39 -- -- 991.39
Dividend payable 208,262.03 204,820.00 (204,820.00) 208,262.03
Accrued expenses and other liabilities (156,899.24) -- -- (156,899.24)
----------------- --------------- -------------- -------------------
Total Liabilities 397,592.80 208,748.00 (208,748.00) 397,592.80
Total Net Assets $ 56,178,795.31 $ 22,325,772.00 $ 78,713,315.31
Net assets:
Par value of shares of beneficial interest $ 4,196.29 $ 1,969,423.00 -- $ 1,973,619.29
Capital paid in excess of par 54,009,203.26 389,555.00 -- 54,398,758.26
Net Assets transferred at 1980 Reorg. -- 17,957,417.00 -- 17,957,417.00
Undistributed/Overdistributed NII (11,825.24) 596,364.00 208,748 793,238.76
Accumulated net realized gain/(loss) (104,287.00) 705,937.00 -- 601,650.00
Net unrealized appreciation of investments 2,281,508.00 707,076.00 -- 2,988,584.00
----------------- --------------- -------------- -------------------
Total Net Assets $ 56,178,795.31 $ 22,325,722.00 $ 78,713,315.31
Outstanding Shares: 4,196,034.74 787,769.00
A 2,612,166.01 787,769.000 879,544.089 4,279,479.09
B 1,037,740.44 -- -- 1,037,740.44
L 546,128.29 -- -- 546,128.29
Y -- -- -- --
NAV:
A $ 13.39 $ 28.34 2.11650
B $ 13.39 -- --
L $ 13.38 -- --
Y -- -- --
</TABLE>
B-3
<PAGE>
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
FOR THE TWELVE MONTH PERIOD ENDED APRIL 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Georgia
Portfolio Alterman Pro Forma Georgia
(actual) (actual) Adjustments Portfolio
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Interest Income 2,431,531 1,095,629 3,527,160
Total Investment Income
Expenses:
Management Fee $221,437 $24,858 $80,144 $326,439 (2)
Distribution 175,473 0 102,594 278,067
Custody, Accounting, Legal
& Auditing 19,964 70,061 (60,025) 30,000
Shareholder Servicing 25,897 8,220 (11,337) 22,780
Shareholder Communications 12,190 0 0 12,190
Pricing Service 7,418 0 0 7,418
Registration 3,976 0 0 3,976
Trustees\Directors 1,766 14,000 (14,000) 1,766
Taxes & licenses 9,799 (9,799) 0
Office Rent & Expenses 14,916 (14,916) 0
Other 3,606 7,775 (5,000) 6,381
---------------------------------------------------------------------------
Total Expenses 471,727 149,629 67,661 689,017
Management Fee Waivers (48,063) 0 48,063 0
---------------------------------------------------------------------------
Net Expenses $423,664 $149,629 $115,724 $689,017
---------------------------------------------------------------------------
Net investment income (loss) $2,007,867 $946,000 $115,724 $2,838,143
Net Realized and Unrealized Gain (Loss) on
Investments:
Net realized gain (loss) from Investments 26,950 26,978 53,928
Net unrealized appreciation (depreciation) 2,281,508 161,626 2,443,134
---------------------------------------------------------------------------
Net increase in assets from operations $4,316,325 $1,134,604 $5,335,205
===========================================================================
</TABLE>
Assumptions for projected expenses:
(1) For asset based expenses, the net assets of Alterman Investment Fund
at 4/30/99 are assumed to be average net assets for the year ended
4/30/99.
(2) Based on combined net assets at an annual rate of .45%.
(3) Based on combined net assets at an annual rate of .15%, .65%, .70% for
Class A, B, and L, respectively. Assumes assets of Alterman to be
merged into Class A
(4) Assumes combined entity's expense will equal current Georgia plus
approximately $10,000.
(5) Based on combined net assets at an annual rate of .024%, .045%, and
.038% for Class A, B, and L, respectively.
(6) The fund currently discontinued waivers.
(7) Assuming 65 bps expense cap, management fees taken would be
approximately 40 bps.
B-4
<PAGE>
- --------------------------------------------------------------------------------
Combined Schedule of Investments April 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GEORGIA PRO FORMA
GEORGIA ALTERMAN COMBINED
FACE FACE FACE
SECURITY AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Acworth Housing Authority Revenue, 6.125% due 3/1/17 $500,000 $532,500 $500,000 $532,500
Albany Dougherty County, Inner City Authority, 5.100% due 1/1/07 $200,000 $208,630 200,000 208,630
Albany Dougherty Payroll Development Authority, 5.200% due 5/15/28 1,000,000 997,500 1,000,000 997,500
Athens Water & Sewer Revenue, 10.000% due 7/1/01 140,000 141,445 140,000 141,445
Atlanta Ad Valorem Property Tax Refunding, 5.000% due 12/1/20 500,000 495,625 500,000 495,625
Atlanta Urban Residential Finance Authority, Multi-Family
Housing Revenue:
Cascade Pines Housing Project, 6.250% due 9/1/10 1,180,000 1,268,500 1,180,000 1,268,500
New Community, Series A-1, 5.450% due 11/20/17 1,000,000 1,028,750 1,000,000 1,028,750
Shamrock Garden Apartments Project, 6.250% due 4/1/19 500,000 500,625 500,000 500,625
Atlanta Water Revenue, 5.500% due 11/1/19 1,000,000 1,068,750 1,000,000 1,068,750
Bartow County School District, 5.200 % due 5/1/07 250,000 267,295 250,000 267,295
Bibb County Development Authority Revenue, 5.000% due 10/1/08 1,000,000 990,000 1,000,000 990,000
Burke County Development Authority PCR, 7.500% due 1/1/03 285,000 305,663 285,000 305,663
Butts County COP, 6.750% due 12/1/14 250,000 286,250 250,000 286,250
Camden County Joint Development Authority PCR, 5.000% due 1/1/12 200,000 197,750 200,000 197,750
Carroll County School District, 3.850% due 4/1/03 300,000 301,311 300,000 301,311
Carroll County Water Authority, Water & Sewer Revenue,
5.250% due 7/1/18 1,015,000 1,035,300 1,015,000 1,035,300
Cartersville Development Authority Revenue Refunding,
6.125% due 5/1/27 500,000 543,750 500,000 543,750
Clayton County Water Authority Revenue 5.100% due 5/1/16 1,000,000 1,027,500 1,000,000 1,027,500
Chatam County School District, 4.500% due 8/1/05 500,000 512,395 500,000 512,395
Chatam County School District, 5.300% due 8/1/09 200,000 211,910 200,000 211,910
Clarke County Hospital Authority, 5.500% due 1/1/00 500,000 507,640 500,000 507,640
Clayton County Hospital Authority, 6.800% due 8/1/04 505,000 549,480 505,000 549,480
Clayton County Water and Sewer Authority, 6.100% due 5/1/00 310,000 318,519 310,000 318,519
Clayton County Water and Sewer AuthorIty, 6.100% due 5/1/01 175,000 182,665 175,000 182,665
Cobb-Marietta Counties Coliseum and Exhibit Hall Authority,
10.250% due 2/1/02 135,000 145,125 135,000 145,125
Cobb-Marietta Counties Coliseum and Exhibit Hall Authority,
5.625% due 10/1/26 1,100,000 1,205,875 1,100,000 1,205,875
Cobb-Marietta Counties Coliseum and Exhibit Hail Authority,
7.750% due 2/1/07 680,000 777,750 680,000 777,750
Cobb County Housing Authority Refunding, 6.875% due 10/1/17 240,000 254,700 240,000 254,700
Colquitt County Development Authority Revenue,
zero coupon due 12/1/21 1,875,000 527,344 1,875,000 527,344
Columbia County Courthouse, 5.625% due 2/1/17 1,000,000 1,061,250 1,000,000 1,061,250
Cobb County Hospital Authority, 5.500% due 4/1/04 500,000 529,730 500,000 529,730
Cobb County Hospital Authority, 3.900% due 4/1/06 400,000 392,308 400,000 392,308
Cobb County School District, 5.000% due 2/1/03 300,000 313,356 300,000 313,356
Cobb County Water & Sewer Revenue, 4.600% due 7/1/00 200,000 203,110 200,000 203,110
Columbia County School District, 4.500% due 4/1/02 385,000 393,485 385,000 393,485
Columbus Hospital Authority, 5.200% due 6/1/04 320,000 337,270 320,000 337,270
Columbus Water and Sewer Revenue, 8.000% due 5/1/00 300,000 306,936 300,000 306,936
Columbus Water and Sewer Revenue, 6.300% due 5/1/07 505,000 555,081 505,000 555,081
Coweta County Board of Education, 5.250% due 8/1/99 200,000 200,980 200,000 200,980
Coweta County School District, 5.100% due 2/1/00 300,000 304,350 300,000 304,350
De Kalb County, 5.300% due 1/1/01 395,000 406,246 395,000 406,246
De Kalb County, 5.800% due 1/1/02 150,000 158,427 150,000 158,427
De Kalb County, 5.000% due 11/1/06 755,000 793,716 755,000 793,716
De Kalb County, 7.150% due 1/1/07 310,000 323,907 310,000 323,907
</TABLE>
B-5
<PAGE>
- --------------------------------------------------------------------------------
Combined Schedule of Investments April 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GEORGIA PRO FORMA
GEORGIA ALTERMAN COMBINED
FACE FACE FACE
SECURITY AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
De Kalb County Housing Authority, Multi-Family Housing Revenue,
7.050% due 1/1/39 $1,000,000 $1,127,500 $1,000,000 $1,127,500
De Kalb County Housing Authority, Multi-Family Housing Revenue,
7.750% due 1/1/26 300,000 318,366 300,000 318,366
De Kalb County School District, 4.500% due 7/1/99 $ 400,000 $ 400,866 400,000 400,868
De Kalb County School District, 5.600% due 7/1/09 300,000 322,122 300,000 322,122
Douglas County School District, 5.000% due 1/1/05 195,000 208,262 195,000 208,262
Douglasville-Douglas County Water & Sewer Authority Revenue,
5.625% due 6/1/15 625,000 682,031 625,000 682,031
Downtown Savannah Development Authority, 4.000% due 8/1/00 760,000 783,507 760,000 783,507
Downtown Savannah GO, 4.500% due 8/1/07 250,000 252,963 250,000 252,963
Effingham County Development Authority, 5.625% due 7/1/18 1,000,000 1,015,000 1,000,000 1,015,000
Fayette County Water Revenue, 5.000% due 10/1/08 255,000 268,273 255,000 268,273
Federated Georgia Municipal, Cash Trust 530,442 530,442 530,442 530,442
Floyd County Hospital Authority, 5.100% due 7/1/06 475,000 497,539 475,000 497,539
Forsyth County School District, 5.250% due 7/1/09 200,000 216,630 200,000 216,630
Forsyth County School District Refunding, 5.100% due 7/1/11 500,000 525,625 500,000 525,625
Fulco Hospital Authority Revenue, 4.875% due 11/15/15 1,000,000 988,750 1,000,000 988,750
Fulton County Multi-Family Housing Authority Revenue,
6.300 due 7/1/16 1,000,000 1,070,000 1,000,000 1,070,000
Fulton County Hospital Authority, 4.600% due 10/1/02 250,000 256,003 250,000 256,003
Fulton County Housing Authority, 6.600% due 3/1/28 155,000 163,912 155,000 163,912
Fulton County School District, 5.375% due 1/1/18 1,000,000 1,062,500 1,000,000 1,062,500
Fulton County Water & Sewer Revenue:
6.375% due 1/1/14 290,000 338,938 290,000 338,938
6.375% due 1/1/14 10,000 11,626 10,000 11,626
5.000% due 1/1/18 1,000,000 990,000 1,000,000 990,000
Georgia Local Government, 4.750% due 6/1/28 2,000,000 1,887,500 2,000,000 1,887,500
Georgia Municipal Electric Authority Revenue, 7.250% due 1/1/24 600,000 783,000 600,000 783,000
Georgia Municipal Electric Authority Revenue, 5.500% due 1/1/20 1,000,000 1,051,250 1,000,000 1,051,250
Georgia Municipal Gas Authority Revenue, 5.000% due 11/1/13 500,000 506,875 500,000 506,875
Georgia Municipal Gas Authority Revenue, 6.300% due 7/1/09 500,000 544,375 500,000 544,375
Georgia State General Obligation, 4.400% due 7/1/01 270,000 275,319 270,000 275,319
Georgia State General Obligation, 6.800% due 11/1/04 200,000 213,654 200,000 213,654
Georgia State HFA:
4.300% due 12/1/05 185,000 185,289 185,000 185,289
4.450% due 12/1/07 250,000 250,700 250,000 250,700
Series A, 6.600% due 12/1/23 350,000 368,812 350,000 368,812
Series A-1, 5.300% due 6/1/17 1,000,000 1,018,750 1,000,000 1,018,750
Series A-2, 6.550% due 12/1/27 500,000 530,625 500,000 530,625
Georgia State Public Improvements, Series D, 5.250% due 10/1/14 500,000 532,500 500,000 532,500
Georgia State Residential Finance Authority, 7.250% due 12/1/21 285,000 302,812 285,000 302,812
Georgia State Tollway Authority Revenue Refunding,
5.000% due 7/1/10 1,000,000 1,055,000 1,000,000 1,055,000
Griffin - Spalding County School District, 5.050% due 2/1/07 250,000 260,325 250,000 260,325
Gwinnett County Recreational Authority, 5.1 00% due 2/1/00 200,000 202,806 200,000 202,806
Gwinnett County Water & Sewer Revenue, 5.050% due 8/1/04 225,000 237,150 225,000 237,150
Hall County School District, 6.000% due 12/1/03 150,000 163,175 150,000 163,175
Henry County School District, 5.500% due 8/1/02 750,000 792,953 750,000 792,953
Hogansville Combined Public Utility System, 5.850% due 10/1/15 1000,000 1,097,500 1,000,000 1,097,500
Houston County School District, 5.050% due 3/1/08 250,000 259,675 250,000 259,675
</TABLE>
B-6
<PAGE>
- --------------------------------------------------------------------------------
Combined Schedule of Investments April 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GEORGIA PRO FORMA
GEORGIA ALTERMAN COMBINED
FACE FACE FACE
SECURITY AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LaGrange Water & Sewer Revenue, 6.900% due 1/1/01 $ 400,000 $ 417,304 $400,000 $417,304
Lawrenceville Housing Authority, 6.250% due 12/1/29 $1,000,000 $1,086,250 1,000,000 1,086,250
Macon Water Authority, Water & Sewer Revenue, 4.500% due 10/01/02 250,000 255,483 250,000 255,483
Macon Water Authority, Water & Sewer Revenue, 5.250% due 10/1/15 500,000 516,875 500,000 516,875
Marietta General Obligations, 5.000% due 1/1/00 275,000 278,240 275,000 278,240
Marietta General Obligations, 5.000% due 1/1/01 235,000 240,903 235,000 240,903
Marietta General Obligations School Buildings, 9.300% due 1/1/01 300,000 327,252 300,000 327,252
Metro Atlanta Rapid Transit Authority Revenue, 5.600% due 7/1/00 180,000 184,802 180,000 184,802
Metro Atlanta Rapid Transit Authority Revenue, 6.250% due 7/1/20 250,000 289,375 250,000 289,375
Milledgeville Water & Sewer Revenue, FSA-Insured,
6.000% due 12/1/21 500,000 565,625 500,000 565,625
Monroe County Development Authority PCR, 6.800% due 1/1/12 500,000 585,000 500,000 585,000
Monroe County Development Authority PCR, 5.250% due 1/1/15 1,080,000 1,127,250 1,080,000 1,127,250
Muni Gas Authority, 4.200% due 6/1/08 300,000 298,050 300,000 298,050
Muscogee County School District, 4.250% due 11/1/99 300,000 301,557 300,000 301,557
Paulding County, 5.550% due 8/1/09 300,000 317,235 300,000 317,235
Peachtree City Water & Sewer Authority, 5.375% due 3/1/22 1,000,000 1,027,500 1,000,000 1,027,500
Private Colleges & Universities Authority Revenue,
5.750% due 10/1/02 200,000 213,214 200,000 213,214
Private Colleges & Universities Authority Revenue:
Agnes Scott College Project, 4.750% due 6/1/28 1,000,000 936,250 1,000,000 936,250
Emory University Project, Series A, 5.000% due 11/1/15 1,000,000 1,002,500 1,000,000 1,002,500
Emory University Project, 4.250% due 11/1/05 200,000 201,722 200,000 201,722
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue,
10.250% 7/1/09 485,000 650,506 485,000 650,506
Puerto Rico Commonwealth Highway & Transportation Authority
5.000% due 7/1/36 1,500,000 1,471,875 1,500,000 1,471,875
Puerto Rico Commonwealth, Public Improvement, 4.500% due 7/1/23 2,290,000 2,115,388 2,290,000 2,115,388
Puerto Rico Electric Power Authority Revenue, 4.500% due 7/1/18 2,200,000 2,079,000 2,200,000 2,079,000
Puerto Rico Housing Bank and Finance Agency, 7.500% due 12/1/06 500,000 583,750 500,000 583,750
Puerto Rico Housing Bank and Finance Agency, 6.250% due 4/1/29 330,000 352,275 330,000 352,275
Puerto Rico Industrial Tourist Educational, Medical & Environmental
Control Facility Finance Authority, 5.625% due 7/1/27 750,000 754,688 750,000 754,688
Puerto Rico Industrial Tourist Educational, Medical & Environmental
Control Facility Finance Authority, 6.700% due 5/1/24 500,000 541,250 500,000 541,250
Richmond County Development Authority, 5.400% due 2/1/33 2,000,000 2,007,500 2,000,000 2,007,500
Richmond County Water and Sewer Revenue, 9.875% due 4/1/02 145,000 160,588 145,000 160,588
Richmond County Water and Sewer Revenue, 4.900% due 10/1/08 250,000 260,815 250,000 260,815
Rockdale County Development Authority, 7.500% due 1/1/26 1,000,000 1,063,750 1,000,000 1,063,750
Rockdale County School District 4,750% due 1/1/01 225,000 229,754 225,000 229,754
Rockdale County School District 6.000% due 1/1/04 250,000 272,220 250,000 272,220
Rockdale County Water and Sewer Revenue, 4.700% due 7/1/06 250,000 259,690 250,000 259,690
Savannah EDA, 6,200% due 9/1/04 500,000 524,355 500,000 524,355
Savannah Hospital Authority Revenue, 7.000% due 1/1/11 500,000 561,875 500,000 561,875
Savannah Hospital Authority Revenue, 5.250 due 7/1/14 725,000 747,656 725,000 747,656
Savannah EDA, PCR, 6.150% due 3/1/17 500,000 557,500 500,000 557,500
Savannah EDA. 5.850% due 1/1/09 515,000 559,058 515,000 559,058
Savannah EDA, zero coupon due 12/1/21 1,000,000 292,500 1,000,000 292,500
Savannah Water and Sewer Authority, 4.650% due 12/1/08 500,000 509,535 500,000 509,535
South Fulton Jail Authority, 5.550% due 12/1110 225,000 244,771 225,000 244,771
Tift County Development Authority, 5.250% due 2/1/08 300,000 312,645 300,000 312,645
Tri City Hospital Authority Revenue. South Fulton Hospital
10.250% due 7/1/06 620.000 796.700 620,000 796,700
</TABLE>
B-7
<PAGE>
- --------------------------------------------------------------------------------
Combined Schedule of Investments April 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GEORGIA PRO FORMA
GEORGIA ALTERMAN COMBINED
FACE FACE FACE
SECURITY AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Troup County School District, 5.125% due 7/1/03 $500,000 $526,535 $500,000 $526,535
Virgin Islands HFA, 6.450% due 3/1/16 $235,000 $248,512 235,000 248,512
Virgin Islands Public Financing Authority Revenue,
5.500% due 10/1/18 1,000,000 1,018,750 1,000,000 1,018,750
Warner Robins Water & Sewer Authority, 5.600% due 711/99 440,000 441,747 440,000 441,747
Washington Wilkes Payroll Development,
zero coupon due 12/1/21 2,000,000 562,500 2,000,000 562,500
------------------------ ----------------------- -----------------------
TOTAL INVESTMENTS $57,185,000 $55,926,942 $21,340,442 $22,174,734 $78,525,442 $78,101,676
======================== ======================= =======================
</TABLE>
It is not currently anticipated that there would be a significant rebalancing of
the Alterman portfolio securities following the consummation of the
Reorganization.
B-8
<PAGE>
THE ANNUAL REPORT AND STATEMENT OF ADDITIONAL INFORMATION OF
THE GEORGIA PORTFOLIO DATED MARCH 31, 1999 AND JULY 29, 1999,
RESPECTIVELY, ARE INCORPORATED BY REFERENCE
TO THE MOST RECENT FILINGS THEREOF BY
SMITH BARNEY MUNI FUNDS
B-9
<PAGE>
THE ANNUAL REPORT AND PROSPECTUS OF ALTERMAN DATED APRIL 30, 1999
AND AUGUST 14, 1992, RESPECTIVELY, ARE INCORPORATED BY REFERENCE
TO THE MOST RECENT FILINGS THEREOF BY ALTERMAN
Any statement contained in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for purposes of
this Proxy Statement/ Prospectus to the extent that a statement contained herein
modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Proxy Statement/Prospectus.
B-10
<PAGE>
PART C
OTHER INFORMATION
Part C of this Registration Statement is incorporated by reference into
this Pre-Effective Amendment No. 2 to the Registration Statement from Pre-
Effective Amendment No. 1 to the Registration Statement filed with the
Securities and Exchange Commission on November 10, 1999, and the initial filing
of the Registration Statement on October 13, 1999.
C-1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this amendment to
the Registration Statement on Form N-14 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York and State of New
York on the 15th day of November, 1999.
SMITH BARNEY MUNI FUNDS
By: /s/ Heath B. McLendon
--------------------------------------
Heath B. McLendon
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
/s/ Heath B. McLendon President, Chief Executive November 15, 1999
- ------------------------------------- Officer and Trustee
Heath B. McLendon
/s/ Lee Abraham* Trustee November 15, 1999
- -------------------------------------
Lee Abraham
/s/ Allan J. Bloostein* Trustee November 15, 1999
- -------------------------------------
Allan J. Bloostein
/s/ Jane F. Dasher* Trustee November 15, 1999
- -------------------------------------
Jane F. Dasher
/s/ Donald R. Foley* Trustee November 15, 1999
- -------------------------------------
Donald R. Foley
/s/ Paul Hardin III* Trustee November 15, 1999
- -------------------------------------
Paul Hardin III
/s/ Richard E. Hanson* Trustee November 15, 1999
- -------------------------------------
Richard E. Hanson
</TABLE>
C-2
<PAGE>
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
/s/ Roderick C. Rasmussen* Trustee November 15, 1999
- -------------------------------------
Roderick C. Rasmussen
/s/ John P. Toolan* Trustee November 15, 1999
- -------------------------------------
John P. Toolan
/s/ Lewis E. Daidone Senior Vice President November 15, 1999
- ------------------------------------- and Treasurer
Lewis E. Daidone
*By: /s/ Christina T. Sydor Secretary November 15, 1999
--------------------------------
Christina T. Sydor
Pursuant to Power of Attorney
</TABLE>
C-3
