CONSULTING GROUP CAPITAL MARKETS FUNDS (the "Trust")
Supplement dated December 17, 1997, to the Prospectus dated December
31, 1996
On November 3, 1997 the Trust's Board of Trustees approved the
following:
The hiring of Westpeak Investment Advisers ("Westpeak")
as an additional investment adviser to Small Capitalization
Growth Investments ("Small Cap Growth Portfolio"). The
Consulting Group, a division of Smith Barney Mutual Funds
Management Inc. ("SBMFM"), the Trust's Investment Manager,
recommended the hiring of Westpeak as an additional investment
adviser due to the rapid growth in assets experienced by the
Small Cap Growth Portfolio in 1997. The hiring of Westpeak
resulted in the entering into of an investment advisory
agreement dated as of November 18, 1997 between SBMFM and
Westpeak pursuant to which Westpeak will be receiving 0.50%
for its services, a fee that is computed daily and paid
monthly based on the value of the average net assets of the
Small Cap Growth Portfolio allocated to Westpeak. Westpeak,
located in Boulder, Colorado has been in the investment
advisory business since 1991 and has $3 billion in assets
under management. Shareholders of the Small Cap Growth
Portfolio will soon receive an information statement regarding
Westpeak.
FD 01366 12/97
