497(e) File Nos. 2-90518 and 811-4006


      SUPPLEMENT DATED SEPTEMBER 3, 1997 TO PROSPECTUS DATED MAY 1, 1997

                            CITISELECT(SM) FOLIO 200
                            CITISELECT(SM) FOLIO 300
                            CITISELECT(SM) FOLIO 400
                            CITISELECT(SM) FOLIO 500

The section of the Prospectus entitled "Proposed Restructuring" on page 20 is
amended to read as follows:

PROPOSED RESTRUCTURING: The Funds' Board of Trustees has approved a
restructuring of the Funds in order to achieve economies of scale and increased
flexibility in the management of Fund assets. Under the restructuring, each of
the Funds would no longer invest in a single corresponding Portfolio (an "Old
Portfolio") and instead would invest in multiple new or existing registered
investment companies (collectively, called "New Portfolios"). The New Portfolios
would correspond to the asset classes of securities (e.g., large capitalization
growth securities or domestic fixed income securities) in which each Fund
currently invests. The restructuring is subject to approval by shareholders of
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 of an amended and restated Management Agreement for
each Fund with Citibank, N.A. Under the amended and restated Management
Agreements, Citibank will provide investment advisory services to each Fund,
including the asset allocation services previously provided to the Old Portfolio
in which each Fund currently invests. Under the amended and restated Management
Agreements, aggregate management fees to Citibank, including each Fund's share
of management fees paid to New Portfolios of which Citibank is the manager, will
not exceed 0.75% of the Fund's average daily net assets for the Fund's
then-current fiscal year. This is the same management fee which Citibank
receives under the current Management Agreements, including each Fund's share of
its corresponding Old Portfolio's management fees.