SMITH BARNEY SHEARSON
ADJUSTABLE RATE GOVERNMENT INVESTMENT GRADE BOND FUND
INCOME FUND LIMITED MATURITY MUNICIPALS FUND
AGGRESSIVE GROWTH FUND INC. LIMITED MATURITY TREASURY FUND
APPRECIATION FUND INC. MANAGED GOVERNMENT FUND INC.
ARIZONA MUNICIPALS FUND INC. MANAGED MUNICIPALS FUND INC.
CALIFORNIA MUNICIPALS FUND INC. MASSACHUSETTS MUNICIPALS FUND
CONVERTIBLE FUND NEW JERSEY MUNICIPALS FUND INC.
DIVERSIFIED STRATEGIC INCOME FUND NEW YORK MUNICIPALS FUND INC.
EUROPEAN FUND OREGON MUNICIPALS FUND
FLORIDA MUNICIPALS FUND PRECIOUS METALS AND MINERALS
FUNDAMENTAL VALUE FUND INC. FUND INC.
GLOBAL BOND FUND PREMIUM TOTAL RETURN FUND
GLOBAL OPPORTUNITIES FUND SPECIAL EQUITIES FUND
GOVERNMENT SECURITIES FUND STRATEGIC INVESTORS FUND
GROWTH AND INCOME FUND TAX EXEMPT INCOME FUND
HIGH INCOME FUND TELECOMMUNICATIONS GROWTH
INTERMEDIATE MATURITY CALIFORNIA FUND MUNICIPALS FUND
MUNICIPALS FUND UTILITIES FUND
INTERMEDIATE MATURITY NEW YORK
MUNICIPALS FUND
SUPPLEMENT TO PROSPECTUSES*
DATED SEPTEMBER 19, 1994
Introduction. The Boards of Directors/Trustees of the above funds
(each a "Fund") have recently approved the implementation of a uniform
class and sales charge structure to complete the consolidation of the
Smith Barney and Smith Barney Shearson mutual fund complexes. This pricing
system, which is based on a recently completed, comprehensive study by
Smith Barney Inc. ("Smith Barney") of both the Smith Barney mutual funds
and their competitors, entails adding and reclassifying certain share
classes and minor adjustments of certain sales charges.
Under the new system, each Fund will offer Class A, B, C and Y shares
to the public. The Class A and Class B shares under the new pricing struc-
ture will be identical to the current Class A and Class B shares of the
Fund. Current Class D shares will be reclassified as "Class C" shares and
will have the distribution fee and service fee shown below. Class C shares
acquired after implementation of the universal pricing system will also be
subject to a one-year, 1% contingent deferred sales charge ("CDSC"). Cur-
rent Class C shares will be reclassified as "Class Z" shares and will not
be subject to any sales charges or distribution or service fee. These
shares will be offered exclusively to (a) tax-exempt employee benefit
plans of Smith Barney and its affiliates and (b) unit investment trusts
("UITs") sponsored by Smith Barney and its affiliates. In addition, a new
class of shares, Class Y shares, will be offered to purchasers who invest
at least $5 million. These shares will not be subject to any sales
charges, distribution or service fee.
Upon implementation of the universal pricing system, which is expected
to occur in November 1994, the following changes to the disclosure in the
Fund's prospectus will apply:
AGGRESSIVE GROWTH FUND
APPRECIATION FUND
CONVERTIBLE FUND
EUROPEAN FUND
FUNDAMENTAL VALUE FUND
GLOBAL OPPORTUNITIES FUND
GROWTH AND INCOME FUND
PRECIOUS METALS AND MINERALS FUND
PREMIUM TOTAL RETURN FUND
SPECIAL EQUITIES FUND
STRATEGIC INVESTORS FUND
TELECOMMUNICATIONS GROWTH FUND
UTILITIES FUND
<TABLE>
<CAPTION>
CLASS A SALES CHARGE SERVICE
FEE
<S> <C> <C>
Under $25,000 5.00% 0.25%
$25,000 to $50,000 4.00 0.25
$50,000 to $100,000 3.50 0.25
$100,000 to $250,000 3.00 0.25
$250,000 to $500,00 2.00 0.25
$500,000 and over* 0.00 0.25
</TABLE>
<TABLE>
<CAPTION>
CLASS B CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 5.00% 0.25% 0.75%
Year 2 4.00 0.25 0.75
Year 3 3.00 0.25 0.75
Year 4 2.00 0.25 0.75
Year 5 1.00 0.25 0.75
Year 6 0.00 0.25 0.75
</TABLE>
<TABLE>
<CAPTION>
CLASS C CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 1% 0.25% 0.75%
Year 2 0 0.25 0.75
<FN>
* These shares will be subject to a 1.0% CDSC for the first year only. The
investment adviser and sub-administrator, at their own expense, will
provide a "finder's fee" to Financial Consultants in respect of these
sales.
</TABLE>
DIVERSIFIED STRATEGIC INCOME FUND
GLOBAL BOND FUND
GOVERNMENT SECURITIES FUND
HIGH INCOME FUND
INVESTMENT GRADE BOND FUND
MANAGED GOVERNMENTS FUND
<TABLE>
<CAPTION>
CLASS A SALES CHARGE SERVICE
FEE
<S> <C> <C>
UNDER $25,000 4.50% 0.25%
$25,000 to $50,000 4.00 0.25
$50,000 to $100,000 3.50 0.25
$100,000 to $250,000 2.50 0.25
$250,000 to $500,000 1.50 0.25
$500,000 and over* 0.00 0.25
</TABLE>
<TABLE>
<CAPTION>
CLASS B CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 4.50% 0.25% 0.50%
Year 2 4.00 0.25 0.50
Year 3 3.00 0.25 0.50
Year 4 2.00 0.25 0.50
Year 5 1.00 0.25 0.50
Year 6 0.00 0.25 0.50
</TABLE>
<TABLE>
<CAPTION>
CLASS C CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 1% 0.25% 0.45%
Year 2 0 0.25 0.45
<FN>
* These shares will be subject to a 1.0% CDSC for the first year only. The
investment adviser and sub-administrator, at their own expense, will
provide a "finder's fee" to Financial Consultants in respect of these
sales.
</TABLE>
ARIZONA MUNICIPALS FUND
CALIFORNIA MUNICIPALS FUND
FLORIDA MUNICIPALS FUND
MANAGED MUNICIPALS FUND
MASSACHUSETTS MUNICIPALS FUND
NEW JERSEY MUNICIPALS FUND
NEW YORK MUNICIPALS FUND
OREGON MUNICIPALS FUND
TAX-EXEMPT INCOME FUND
<TABLE>
<CAPTION>
CLASS A SALES CHARGE SERVICE
FEE
<S> <C> <C>
Under $25,000 4.00% 0.15%
$25,000 to $50,000 3.50 0.15
$50,000 to $100,000 3.00 0.15
$100,000 to $250,000 2.50 0.15
$250,000 to $500,000 1.50 0.15
$500,000 and over* 0.00 0.15
</TABLE>
<TABLE>
<CAPTION>
CLASS B CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 4.50% 0.15% 0.50%
Year 2 4.00 0.15 0.50
Year 3 3.00 0.15 0.50
Year 4 2.00 0.15 0.50
Year 5 1.00 0.15 0.50
Year 6 0.00 0.15 0.50
</TABLE>
<TABLE>
<CAPTION>
CLASS C CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 1% 0.15% 0.55%
Year 2 0 0.15 0.55
<FN>
* These shares will be subject to a 1.0% CDSC for the first year only. The
investment adviser and sub-administrator, at their own expense, will
provide a "finder's fee" to Financial Consultants in respect of these
sales.
</TABLE>
INTERMEDIATE MATURITY CALIFORNIA MUNICIPALS FUND
INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
LIMITED MATURITY MUNICIPALS FUND
LIMITED MATURITY TREASURY FUND
<TABLE>
<CAPTION>
CLASS A SALES CHARGE SERVICE
FEE
<S> <C> <C>
Under $500,000 2.0%
0.15%
$500,000 and over* 0.0 0.15
</TABLE>
<TABLE>
<CAPTION>
CLASS B CDSC SERVICE FEE DISTRIBUTION
FEE
<S> <C> <C> <C>
Year 1 1% 0.15% 0.20%
Year 2 0 0.15 0.20
<FN>
* These shares are subject to a 1.0% CDSC for the first year only. The in-
vestment adviser and sub- administrator, at their own expense, will pro-
vide a "finder's fee" to Financial Consultants in respect of these
sales.
</TABLE>
ADJUSTABLE RATE GOVERNMENT INCOME FUND
<TABLE>
<CAPTION>
CLASS C SALES CHARGE CDSC
SERVICE FEE
<S> <C> <C> <C>
Class A 0.0% -- .75%
Class B* -- 3.0% .25
Class C* -- 1.0 .25
<FN>
* Only investors in the Smith Barney 401(k) Program may purchase Class B
and Class C shares of the Fund. Class B and Class C shares acquired by
participating plans through the Smith Barney 401(k) Program will be sub-
ject to an eight year 3% CDSC and a four year 1% CDSC, respectively,
payable upon a participating plan's withdrawal from the Program. See
"Smith Barney 401(k) Program," below. All other investors may acquire
Class B shares of the Fund through exchange only. Upon such an exchange,
the new Class B shares will be subject to the CDSC, and will be deemed
to have been purchased on the same date as, the Class B shares of the
fund that have been exchanged.
</TABLE>
Each share of Class A, B, C, Y and Z will represent an identical pro
rata interest in the investment portfolio of the respective Funds. The
only difference among the Classes will be the different expenses that will
be incurred for distribution fees, transfer agency fees and certain other
expenses clearly identifiable to one Class. To the extent those expenses
differ, investment returns among the Classes will vary. All other ex-
penses, including advisory and administrative fees, custody fees and other
generally applicable fund expenses, will continue to be incurred at the
portfolio level and would therefore be reflected in each shareholder's in-
vestment return equally, regardless of Class.
Shares of a specific Class will only be exchangeable with shares of
the same Class in other Funds. For example, Class A shares will be ex-
changeable for Class A shares of other funds and, similarly Class B shares
will be exchangeable for Class B shares of other funds. Because all of the
funds, with minor exceptions, will have identical Classes, investors will
have a broader selection of funds from which to choose than they currently
do when exercising their exchange privileges.
Modification of Services and Distribution Plans. The universal pricing
system will involve the adoption of service and distribution fees under
Rule 12b-1 for the newly-identified Class C shares. The Class C 12b-1 fee
will be broken into two components: a service fee equal to 0.25% of the
average daily net assets of the Class (0.15% for municipal funds); and a
distribution fee equal to 0.75% (0.45% for taxable fixed income funds and
0.55% for municipal funds). The distribution fee imposed on the Class C
shares is intended to compensate Smith Barney over time for its expenses
in paying Financial Consultants upon the sale of those shares, thus allow-
ing an investor to have all of his or her funds invested immediately and
to spread the sales cost over time.
The Class B and Class C distribution fees will be paid as compensation
for services, and not as reimbursement for specific expenses incurred.
Thus, even if the distributor's actual expenses exceed the 12b-1 fee, a
Fund would not be obligated to pay more than that fee. Conversely, if the
distributor's expenses are less than the 12b-1 fee, it would be entitled
to retain the full fee and realize a profit, which would be subject to the
Board's regular review and consideration in connection with the annual re-
newal of the amended Services and Distribution Plans.
Smith Barney 401 (k) Program. Investors may be eligible to participate
in the Smith Barney 401 (k) Program (the "Program"), which is generally
designed to assist plan sponsors in the creation and operation of retire-
ment plans under Section 401 (a) of the Internal Revenue Code of 1986, as
amended (the "Code"), as well as other types of participant-directed, tax-
qualified employee benefit plans (collectively, the "Participating
Plans"). Class A, Class B, Class C and Class Y shares may be available as
investment alternatives to Participating Plans.
Class A shares will be offered without any sales charge to any Partic-
ipating Plan that purchases from $500,000 to $4,999,999 of Class A shares
of one or more funds in the Smith Barney Group of Funds. Class A shares
acquired through the Program after the implementation of the universal
pricing system will be subject to a service fee of 0.25% of the average
daily net assets of the Class (0.15% in the case of Smith Barney Shearson
Income Trust). In addition, if the Participating Plan withdraws from the
Program within four years from the date of its enrollment a CDSC of 1%
will be assessed on all redeemed Class A shares that were subject to a
sales charge upon initial purchase. Class A shares held by a Participating
Plan upon implementation of the universal pricing system will not be sub-
ject to any CDSC.
Class B shares will be offered to any Participating Plan that pur-
chases less than $250,000. Class B shares acquired through the Program by
a Participating Plan will be subject to an annual service fee of 0.25% of
the average daily net assets of the Class, an annual distribution fee of
0.75% (0.50% in the case of taxable fixed income funds) and an eight year,
3% CDSC payable upon the Plan's withdrawal from the Program. After eight
years from the date of a Plan's enrollment, all Class B shares held by
such Plan shall be eligible for conversion to Class A shares of the Fund.
Class C shares will be offered to Participating Plans that purchase
from $250,000 to $499,999. Class C shares acquired through the Program
after the implementation of the universal pricing system will be subject
to an annual service fee of 0.25% of the average daily net assets of the
Class, a distribution fee of 0.75% (0.45% in the case of taxable fixed in-
come funds) and a CDSC of 1% if the Participating Plan withdraws from the
Program within four years from the date of its enrollment in the Program.
Class C shares (currently "Class D" shares) held by a Participating Plan
upon implementation of the universal pricing system will not be subject to
any CDSC. In any year that the Class C shares held by a Participating Plan
equals $500,000 at year end, the Class C shares shall be eligible for con-
version to Class A shares of the Fund.
Class Y shares will be offered without any service or distribution
fees, sales charges or CDSC to any Participating Plan that purchases over
$5,000,000 of Class Y shares of one or more funds in the Smith Barney
Group of Funds.
Recommended Purchase Options. In view of the relative sales charges
and distribution fees applicable to the Classes under the universal pric-
ing system, Smith Barney recommends that single investments of $250,000 or
more should be made in Class A shares and investments of $5,000,000 or
more should be made in Class Y shares. Smith Barney also recommends that
purchases of Class C shares which, when combined with current holdings of
Class C shares of the Fund, equal or exceed $500,000 in the aggregate
should be made in Class A shares.
Exchange Privileges. Upon the consolidation of the two Smith Barney
fund complexes and implementation of the universal pricing system, inves-
tors will have a much broader selection of funds from which to choose when
exercising their exchange privileges. Except as otherwise noted below,
shares of each Class will be exchangeable for shares of the same Class in
the following funds in the Smith Barney Group of Funds, to the extent
shares are offered for sale in the shareholder's state of residence. Ex-
changes are subject to minimum investment and other requirements of the
fund into which exchanges are made and a sales charge differential may
apply.
FUND NAME
Municipal Bond Funds
* Smith Barney Shearson Limited Maturity Municipals Fund
Smith Barney Shearson Managed Municipals Fund Inc.
Smith Barney Shearson Tax-Exempt Income Fund
Smith Barney Shearson Arizona Municipals Fund Inc.
* Smith Barney Shearson Intermediate Maturity California Municipals Fund
Smith Barney Shearson California Municipals Fund Inc.
Smith Barney Shearson Florida Municipals Fund
Smith Barney Shearson Massachusetts Municipals Fund
Smith Barney Shearson New Jersey Municipals Fund Inc.
* Smith Barney Shearson Intermediate Maturity New York Municipals Fund
Smith Barney Shearson New York Municipals Fund Inc.
Smith Barney Shearson Oregon Municipals Fund
Smith Barney Muni Funds -- National Portfolio
* Smith Barney Muni Funds -- Limited Term Portfolio
Smith Barney Muni Funds -- California Portfolio
* Smith Barney Muni Funds -- California Limited Term Portfolio
Smith Barney Muni Funds -- Florida Portfolio
* Smith Barney Muni Funds -- Florida Limited Term Portfolio
Smith Barney Muni Funds -- New Jersey Portfolio
Smith Barney Muni Funds -- New York Portfolio
Smith Barney Muni Funds -- Georgia Portfolio
Smith Barney Muni Funds -- Pennsylvania Portfolio
Smith Barney Muni Funds -- Ohio Portfolio
Income Funds
** Smith Barney Shearson Adjustable Rate Government Income Fund
* Smith Barney Shearson Limited Maturity Treasury Fund
Smith Barney Shearson Diversified Strategic Income Fund
Smith Barney Shearson Managed Governments Fund Inc.
Smith Barney Shearson Government Securities Fund
Smith Barney Shearson Investment Grade Bond Fund
Smith Barney Shearson High Income Fund
Smith Barney Shearson Global Bond Fund
Smith Barney World Funds, Inc. -- Global Government Bond Portfolio
Smith Barney Funds, Inc. -- Utility Portfolio
Smith Barney Funds, Inc. -- U.S. Government Securities Portfolio
Smith Barney Funds, Inc. -- Monthly Payment Government Portfolio
Smith Barney Funds, Inc. -- Income Return Account Portfolio
*** Smith Barney Funds, Inc. -- Short-Term U.S. Treasury Securities
Portfolio
Growth and Income Funds
Smith Barney Shearson Convertible Fund
Smith Barney Shearson Growth and Income Fund
Smith Barney Shearson Utilities Fund
Smith Barney Shearson Strategic Investors Fund
Smith Barney Shearson Premium Total Return Fund
Smith Barney Funds, Inc. -- Income and Growth Portfolio
Growth Funds
Smith Barney Shearson Appreciation Fund Inc.
Smith Barney Shearson Fundamental Value Fund Inc.
Smith Barney Shearson Telecommunications Growth Fund
Smith Barney Shearson Aggressive Growth Fund Inc.
Smith Barney Shearson Special Equities Fund
Smith Barney Shearson Global Opportunities Fund
Smith Barney Shearson European Fund
Smith Barney Shearson Precious Metals and Minerals Fund Inc.
Smith Barney World Funds, Inc. -- International Equity Portfolio
Smith Barney World Funds, Inc. -- European Portfolio
Smith Barney World Funds, Inc. -- Pacific Portfolio
Smith Barney Funds, Inc. -- Capital Appreciation Portfolio
Money Market Funds
+ Smith Barney Shearson Money Market Fund
++ Smith Barney Money Funds, Inc. -- Cash Portfolio
++ Smith Barney Money Funds, Inc. -- Government Portfolio
*** Smith Barney Money Funds, Inc. -- Retirement Portfolio
+++ Smith Barney Shearson Money Fund, Inc.
+++ Smith Barney Muni Funds -- California Money Market Portfolio
+++ Smith Barney Muni Funds -- New York Money Market Portfolio
* Available for exchange with Class A, Class C and Class Y shares.
** Available for exchange with Class A, Class B and Class Y shares. In
addition, shareholders who own Class C shares through the Smith Barney
401(k) Program may exchange those shares for Class C shares of this
fund.
*** Available for exchange with Class A shares.
+ Available for exchange with Class B and Class C shares.
++ Available for exchange with Class A and Class Y shares. In addition,
shareholders who own Class C shares through the Smith Barney 401(k)
Program may exchange those shares for Class C shares of this fund.
+++ Available for exchange with Class A and Class Y shares.
Investment Minimums. Under the universal pricing system, investors in
Class A, Class B and Class C shares may open an account by making an ini-
tial investment of at least $1,000 per account, or $250 for an IRA or
Self-Employed Retirement Plan in the Fund. Investors in Class Y shares may
open an account for an initial investment of $5,000,000. Subsequent in-
vestments of at least $50 may be made for all Classes. For participants in
retirement plans qualified under Section 403(b)(7) or Section 401(a) of
the Code, the minimum initial and subsequent investment in the Fund will
be $25 and for the Fund's Systematic Investment Plan, the minimum initial
and subsequent investment will be $100. There will be no minimum invest-
ment requirements for (a) employees of The Travelers Inc. and its subsid-
iaries, including Smith Barney, (b) unit holders of a UIT sponsored by
Smith Barney and (c) board members of the Fund and members of their imme-
diate families.
Systematic Investment Plan. Beginning in September of 1994, sharehold-
ers of Class A, Class B, Class C and Class Y shares may make additions to
their accounts at any time by purchasing shares through a service known as
the Systematic Investment Plan. Under the Systematic Investment Plan,
Smith Barney or TSSG may be authorized through pre-authorized transfers of
$100 or more to charge the regular bank account or other financial insti-
tution indicated by the shareholder on a monthly or quarterly basis to
provide systematic additions to the shareholder's account. A shareholder
whose check is returned for insufficient funds will be charged a fee of up
to $25 by Smith Barney or TSSG. The Systematic Investment Plan also autho-
rizes Smith Barney to apply cash held in the shareholder's Smith Barney
brokerage account or shares of a Smith Barney money market fund to make
additional purchases of the Fund's shares. Additional information is
available from the Fund or your Financial Consultant.
Letter of Intent For Class A Shares. A letter of intent for amounts
of $50,000 or more will provide an opportunity for an investor to obtain a
reduced sales charge by aggregating the investment in Class A shares over
a 13-month period, provided that the investor refers to such letter when
placing orders. For purposes of a letter of intent, the amount of the
transaction will include purchases of all Class A shares of the Fund over
a 13-month period based on the total amount of intended purchases plus the
value of all Class A shares of the Fund previously purchased and still
owned. An alternative will be to compute the 13-month period starting up
to 90 days before the date of execution of a letter of intent. Each in-
vestment made during the period receives the reduced sales charge applica-
ble to the total amount of the investment goal. If the goal is not
achieved within the period, the investor will be required to pay the dif-
ference between the sales charge applicable to the purchases made and the
charges previously paid, or an appropriate number of escrowed shares will
be redeemed. New letters of intent will be accepted beginning January 1,
1995. For further information regarding letters of intent, investors
should contact their Smith Barney Financial Consultants.
Automatic Cash Withdrawal Plan. The Fund offers shareholders an auto-
matic cash withdrawal plan, under which shareholders who own shares with a
value of at least $10,000 may elect to receive periodic cash payments of
at least $100 monthly. Retirement plan accounts are eligible for automatic
cash withdrawal plans only where the shareholder is eligible to receive
qualified distributions and has an account value of at least $5,000. The
withdrawal plan will be carried over on exchanges between funds or Classes
of a Fund. Under the universal pricing system, any applicable CDSC will
not be waived on amounts withdrawn by a shareholder that exceed 1% per
month of the value of the shareholder's shares subject to the CDSC at the
time the withdrawal plan commences. With respect to withdrawal plans in
effect prior to November 7, 1994, any applicable CDSC will be waived on
amounts withdrawn that do not exceed 2% per month of the shareholder's
shares subject to CDSC. For further information regarding the automatic
cash withdrawal plan, shareholders should contact their Smith Barney Fi-
nancial Consultants.
Name Change. To further effect the consolidation of the Smith Barney
mutual fund complexes, on October 14, 1994, the word "Shearson" will be
dropped from the names of the Funds. In addition, the name of Smith Barney
Shearson Money Market Fund will be changed to Smith Barney Exchange Re-
serve Fund.
* Prospectuses dated:
Adjustable Rate Government Income Fund 7/30/94
Aggressive Growth Fund Inc. 1/1/94
Appreciation Fund Inc. 12/31/94
Arizona Municipals Fund Inc. 7/30/94
California Municipals Fund Inc. 4/29/94
Convertible Fund 12/1/93
Diversified Strategic Income Fund 12/1/93
European Fund 6/24/94
Florida Municipals Fund 12/30/93
Fundamental Value Fund Inc. 11/23/93
Global Bond Fund 12/1/93
Global Opportunities Fund 6/29/94
Government Securities Fund 3/1/94
Growth and Income Fund 4/1/94
High Income Fund 12/1/93
Telecommunications Growth Fund 3/1/93
Intermediate Maturity California
Municipals Fund 1/29/94
Intermediate Maturity New York
Municipals Fund 1/29/94
Investment Grade Bond Fund 3/1/94
Limited Maturity Municipals Fund 1/29/94
Limited Maturity Treasury Fund 1/29/94
Managed Governments Fund Inc. 12/1/93
Managed Municipals Fund Inc. 4/29/94
Massachusetts Municipals Fund 1/29/94
New Jersey Municipals Fund Inc. 8/1/94
New York Municipals Fund Inc. 3/1/94
Oregon Municipals Fund 5/23/94
Precious Metals and Minerals Fund Inc. 12/30/93
Premium Total Return Fund 12/1/93
Special Equities Fund 3/1/94
Strategic Investors Fund 4/1/94
Tax-Exempt Income Fund 12/1/93
Utilities Fund 12/1/93
