DLJDIRECT MUTUAL FUNDS, 497, 1999-12-30

DLJDIRECT MUTUAL FUNDS
497, 1999-12-30

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                             DLJDIRECT MUTUAL FUNDS

    SUPPLEMENT DATED DECEMBER 30, 1999 TO PROSPECTUS DATED NOVEMBER 17, 1999

Effective January 1, 2000, DLJ Investment Management Corp. will merge into DLJ
Asset Management Group, Inc. The purpose of this change is to create a more
accurate perception in the marketplace of the full range of asset management
services offered by Donaldson, Lufkin & Jenrette, Inc. All investment personnel
will remain with the combined entity, and the portfolio manager for the
DLJdirect Mutual Funds' will not change as a result of the merger.