497(e) File Nos. 033-49552 and 811-6740
Supplement Dated July 2, 1998 to Statement of Additional Information Dated
January 2, 1998
CitiFundsSM Institutional Liquid Reserves
CitiFundsSM Institutional U.S. Treasury Reserves
CitiFundsSM Institutional Tax Free Reserves
The following is hereby added to the end of the third paragraph in the section
entitled "Investment Objectives, Policies and Restrictions - Variable Rate
Instruments and Participation Interests" in the Statement of Additional
Information:
Participation interests include municipal lease obligations which are deemed to
be illiquid unless otherwise determined by or at the direction of the Board of
Trustees.
