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Rule 497(e) File Nos. 333-15119 and 811-07893
SUPPLEMENT DATED JANUARY 4, 1999 TO PROSPECTUS DATED MAY 1, 1998
FOR
CITISELECT(R) VIP FOLIO 200
CITISELECT(R) VIP FOLIO 300
CITISELECT(R) VIP FOLIO 400
CITISELECT(R) VIP FOLIO 500
The first and third and sixth paragraphs in the "Management -- Investment
Manager" section beginning on page 11 are deleted and replaced with the
following:
The CitiSelect Portfolios draw on the strength and experience of Citibank,
Citibank is the investment manager of each Fund, and subject to policies
set by the Funds' Trustees, Citibank makes investment decisions. Citibank,
with headquarters at 153 East 53rd Street, New York, New York, has been
managing money since 1822. With its affiliates, it currently manages more
than $290 billion in assets worldwide. Citibank is a wholly-owned
subsidiary of Citicorp, which is, in turn, a wholly-owned subsidiary of
Citigroup Inc. Citigroup Inc. was formed as a result of the merger of
Citicorp and Travelers Group, Inc., which was completed on October 8,
1998. "CitiSelect" is a registered trademark of Citicorp.
Richard Goldman, a Vice President of Citibank, has been the overall
portfolio manager of the Funds since January, 1999 and is responsible for
determining asset allocations, supervising and monitoring the performance
of the Citibank personnel described below who are responsible for the
Funds' securities, and supervising and monitoring the performance of the
subadvisers. Mr. Goldman's investment experience is discussed below.
SMALL CAPITALIZATION GROWTH SECURITIES
Marguerite Wagner, Vice President and Senior Portfolio Manager, has been
responsible for the daily management of the Funds' small cap growth
securities since January, 1999. Ms. Wagner joined Citibank in 1985. Since
1995, she has had portfolio management and research analyst responsibility
for private equity managed accounts. From 1992 to 1994, Ms. Wagner was a
member of the small capitalization equity management group of Citibank
Global Asset Management. Prior to 1992, she managed portfolios for the
Private Banking Group of Citibank.
SUPPLEMENT DATED JANUARY 4, 1999 TO PROSPECTUS DATED MAY 1, 1998
FOR
CITIFUNDS(SM) SMALL CAP GROWTH VIP PORTFOLIO
The third paragraph appearing in the "Management -- Investment Manager"
section on page 7 is deleted and replaced with the following:
Marguerite Wagner, Vice President and Senior Portfolio Manager, has been
the Fund's portfolio manager since January, 1999. Ms. Wagner joined
Citibank in 1985. Since 1995, she has had portfolio management and
research analyst responsibility for private equity managed accounts. From
1992 to 1994, Ms. Wagner was a member of the small capitalization equity
management group of Citibank Global Asset Management. Prior to 1992, she
managed portfolios for the Private Banking Group of Citibank.
