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<PAGE> [LOGO] SKYLINE FUNDS Supplement dated October 26, 1999 to Prospectus dated May 1, 1999 Effective October 27, 1999, SKYLINE SPECIAL EQUITIES PORTFOLIO is open to all investors. Skyline reserves the right to close Skyline Special Equities Portfolio if the board of trustees determines that the closing would be in the best interest of the shareholders of the Portfolio. [LOGO] SKYLINE FUNDS 311 SOUTH WACKER DRIVE SUITE 4500 CHICAGO, IL 60606 800.828.2759
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