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497(e) File Nos. 2-90518 and 811-4006
SUPPLEMENT DATED NOVEMBER 3, 1997 TO PROSPECTUS DATED MAY 1, 1997
CITISELECT(R) FOLIO 200
CITISELECT(R) FOLIO 300
CITISELECT(R) FOLIO 400
CITISELECT(R) FOLIO 500
The section of the Prospectus entitled "Proposed Restructuring" on page 20 is
amended to read as follows:
RESTRUCTURING: The Funds' Board of Trustees and shareholders have approved a
restructuring of the Funds in order to achieve economies of scale and increased
flexibility in the management of Fund assets. Each of the Funds no longer
invests in a single corresponding Portfolio (an "Old Portfolio") and instead
invests in multiple new or existing registered investment companies
(collectively, called "New Portfolios"). The New Portfolios correspond to the
asset classes of securities (e.g., large capitalization growth securities or
domestic fixed income securities) in which each Fund previously had invested.
Shareholders also approved amendments to the Funds' Declaration of Trust and
fundamental investment restrictions to permit assets of the Funds to be invested
in one or more investment companies and an amended and restated Management
Agreement for each Fund with Citibank, N.A. Under the amended and restated
Management Agreements, Citibank provides investment advisory services to each
Fund, including the asset allocation services previously provided to each Fund's
corresponding Old Portfolio. Under the amended and restated Management
Agreements, aggregate management fees paid to Citibank, including each Fund's
share of management fees paid by the New Portfolios of which Citibank is the
manager, will not exceed 0.75% of each Fund's average daily net assets for that
Fund's then-current fiscal year. This is the same management fee which Citibank
received under the prior Management Agreements, including each Fund's share of
its corresponding Old Portfolio's management fees.
The Funds' Board of Trustees also approved a change in the fiscal year-end of
each Fund from December 31st to October 31st.
