Consulting Group Capital Markets Funds
Supplement to Prospectus dated March 18, 1994
The following information updates the disclosure found in the Prospectus
of Consulting Group Capital Markets Funds (the "Trust") under "Management of
the Fund:"
Effective June 2, 1994, Smith, Barney Advisers, Inc. ("Smith Barney Advisers")
will serve as the Trust's administrator and The Boston Company Advisors, Inc.
("Boston Advisors") will serve as the Trust's sub-administrator. On June 2,
1994, the Trust's Board of Trustees approved a new administration agreement
with Smith Barney Advisers containing substantially the same terms and
conditions, including the level of fees, as the current agreement. Smith
Barney Advisers, among other responsibilities, provides senior executive
management for the Trust and generally oversees and directs all aspects of the
Trust's administration and operation. The Board also approved a sub-
administration agreement with Boston Advisors. Boston Advisors, among other
responsibilities, calculates the net asset value of the Trust's shares of each
Portfolio of the Trust and generally assists in various aspects of the Trust's
administration and operation. Under the arrangements, Boston Advisors will be
paid a portion of the amount paid by the Fund to Smith Barney Advisers at a
rate as agreed upon from time to time between Smith Barney Advisers and Boston
Advisors.
_________________
Dated June 16, 1994.
FD
trak\filings\sec\adminstk.doc
