<PAGE>
Rule 497(e) File Nos. 33-5819 and 811-5034
Supplement
DATED JULY 14, 2000 TO
PROSPECTUS DATED MAY 1, 2000
CITIFUNDS(R) NATIONAL TAX FREE INCOME PORTFOLIO
Effective Friday, July 14, 2000, the front-end sales charge on Class A shares
of the Fund will be waived. As of that date, Class B shares will no longer be
offered. Class B shares will be converted to Class A shares without imposition
of any contingent deferred sales charge.
In addition, effective September 11, 2000, exchanges into CitiFunds previously
available for exchange will no longer be allowed. You will, however, have the
opportunity to exchange your Fund shares at any time after that date for
shares of any Smith Barney fund made available by your Service Agent. No sales
charge will be imposed on those exchanges.
<PAGE>
Rule 497(e) File Nos. 33-5819 and 811-5034
Supplement
DATED JULY 14, 2000 TO
PROSPECTUS DATED MAY 1, 2000
CITIFUNDS(R) NEW YORK TAX FREE INCOME PORTFOLIO
Effective Friday, July 14, 2000, the front-end sales charge on Class A shares
of the Fund will be waived. As of that date, Class B shares will no longer be
offered. Class B shares will be converted to Class A shares without imposition
of any contingent deferred sales charge.
In addition, effective September 11, 2000, exchanges into CitiFunds previously
available for exchange will no longer be allowed. You will, however, have the
opportunity to exchange your Fund shares at any time after that date for
shares of any Smith Barney fund made available by your Service Agent. No sales
charge will be imposed on those exchanges.
<PAGE>
Rule 497(e) File Nos. 33-5819 and 811-5034
Supplement
DATED JULY 14, 2000 TO
PROSPECTUS DATED MAY 1, 2000
CITIFUNDS(R) CALIFORNIA TAX FREE INCOME PORTFOLIO
Effective Friday, July 14, 2000, the front-end sales charge on Class A shares
of the Fund will be waived. As of that date, Class B shares will no longer be
offered. Class B shares will be converted to Class A shares without imposition
of any contingent deferred sales charge.
In addition, effective September 11, 2000, exchanges into CitiFunds previously
available for exchange will no longer be allowed. You will, however, have the
opportunity to exchange your Fund shares at any time after that date for
shares of any Smith Barney fund made available by your Service Agent. No sales
charge will be imposed on those exchanges.
