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 



CLASS A                                           SALES CHARGE    SERVICE 
FEE 
                                                            
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 




CLASS B                              CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                      
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 




CLASS C                              CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                      
Year 1                                1%          0.25%             0.75% 
Year 2                                0           0.25              0.75 

* 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. 



                     DIVERSIFIED STRATEGIC INCOME FUND 
                             GLOBAL BOND FUND 
                        GOVERNMENT SECURITIES FUND 
                             HIGH INCOME FUND 
                        INVESTMENT GRADE BOND FUND 
                         MANAGED GOVERNMENTS FUND 


CLASS A                                           SALES CHARGE    SERVICE 
FEE 
                                                            
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 




CLASS B                              CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                      
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 




CLASS C                              CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                      
Year 1                                1%          0.25%             0.45% 
Year 2                                0           0.25              0.45 

* 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. 



                          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 




CLASS A                                            SALES CHARGE    SERVICE 
FEE 
                                                             
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 




CLASS B                             CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                     
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 




CLASS C                             CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                               
Year 1                               1%          0.15%             0.55% 
Year 2                               0           0.15              0.55 

* 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. 



             INTERMEDIATE MATURITY CALIFORNIA MUNICIPALS FUND 
              INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND 
                     LIMITED MATURITY MUNICIPALS FUND 
                      LIMITED MATURITY TREASURY FUND 



CLASS A                                             SALES CHARGE    SERVICE 
FEE 
                                                              
Under $500,000                                          2.0%           
0.15% 
$500,000 and over*                                      0.0            0.15 




CLASS B                             CDSC      SERVICE FEE     DISTRIBUTION 
FEE 
                                                               
Year 1                               1%          0.15%             0.20% 
Year 2                               0           0.15              0.20 

* 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. 



                  ADJUSTABLE RATE GOVERNMENT INCOME FUND 



CLASS C                                   SALES CHARGE      CDSC     
SERVICE FEE 
                                                           
Class A                                       0.0%          --         .75% 
Class B*                                       --          3.0%        .25 
Class C*                                       --          1.0         .25 

* 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. 


    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