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SALOMON BROTHERS U.S. TREASURY SECURITIES MONEY MARKET FUND
SUPPLEMENT DATED DECEMBER 15, 1995 TO
PROSPECTUS DATED MAY 1, 1995
At a meeting held on November 16, 1995, the Board of Directors of the
Company approved, subject to approval by the shareholders of the Fund, changes
to the Fund's investment objective and policies to restructure the Fund as a
general purpose, institutionally-oriented money market fund, as opposed to a
retail money market fund invested predominately in U.S. Treasury securities. The
Fund's amended investment objective would be to seek as high a level of current
income as is consistent with liquidity and stability of principal. The Fund
would pursue this objective by investing in a broad range of money market
instruments.
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Salomon Brothers Asset Management Inc ('SBAM'), the Fund's investment
adviser, has agreed to impose a voluntary cap on total Fund operating expenses
following the restructuring with the result that total operating expenses,
including SBAM's management fee, would not exceed 0.25% of average daily net
assets (exclusive of taxes, interest and extraordinary expenses such as
litigation and indemnification expenses), which would represent a reduction from
the Fund's 0.65% total operating expenses ratio as of November 30, 1995. Also,
subject to shareholder approval (and the expense cap described above), the Board
of Directors approved an amendment to the Fund's management agreement with SBAM
which would change the management fee from 0.10% of average daily net assets to
0.20%.
Other changes contemplated include a substantial increase in the minimum
initial investment requirement for new investors and elimination of the Fund's
check-writing capability and exchange privilege with other open-end funds
managed by SBAM.
