CONSULTING GROUP CAPITAL MARKETS FUNDS (the "Trust")
Supplement dated November 6, 1998 to the Prospectus
Dated July 1, 1998
On November 2, 1998, the Board of Trustees of the Consulting
Group Capital Markets Funds, on the recommendation of the Consulting
Group, a division of the Trust's Manager, Mutual Management Corp.,
approved the termination of Berger Associates, Inc. ("Berger"),
investment advisor to a portion of the assets of Small Capitalization
Growth Investments. The Trustees approved reallocating the assets
managed by Berger to Wall Street Associates, Westpeak Investment
Advisors, L.P. and Mellon Capital Management Corporation.
