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Rule 497(e) R-33-44909 SMITH BREEDEN TRUST FUND PROSPECTUS SUPPLEMENT to Prospectus dated October 15, 1998 Availability of Certain Funds. Shares of the Smith Breeden Asian/Pacific Equity Market Fund and the Smith Breeden European Equity Market Fund are not currently available for purchase by investors. It is anticipated that shares of such Funds will be offered beginning in 1999. Prospective investors should disregard any references to such Funds in the Prospectus. October 15, 1998
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