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The Fulcrum Trust
Supplement effective December 8, 1999
to the Prospectus
dated May 1, 1999
The following is added under the heading "The International Growth Portfolio" on
page 5 at the end of the Performance Table on the right hand side at the bottom
of the page:
Morgan Stanley EAFE
Small Cap Index** 5.44% ***
** Effective December 1, 1999, the Morgan Stanley EAFE Small Cap Index
replaced the Morgan Stanley EAFE Index as the performance benchmark for
the Portfolio. The Morgan Stanley EAFE Small Cap Index is an unmanaged
index of European, Australian and Far East stocks having a market
capitalization of between $200 million and $800 million. The Morgan
Stanley EAFE Index has an average market cap of more than $6 billion.
*** A number is not available for this period since the Morgan Stanley EAFE
Small Cap Index was established on December 31, 1996, after the inception
date of the Portfolio.
The following is added at the end of note 1 at the bottom of page 12:
The Manager has agreed to continue these voluntary expense limitations
through June 30, 2000.
The name "Morgan Stanley EAFE Index" under the column entitled "Performance
Benchmark" on page 22 is replaced with the following:
Morgan Stanley EAFE Small Cap Index*
* Effective December 1, 1999, the Morgan Stanley EAFE Small Cap Index
replaced the Morgan Stanley EAFE Index as the performance benchmark for
the International Growth Portfolio. For the period beginning December 1,
1999 and ending November 30, 2000, the payment of the Portfolio's advisory
fee will be based on the lesser of two fee calculations, one using the new
benchmark and the other using the old benchmark. Starting December 1, 2000
only the Morgan Stanley EAFE Small Cap Index will be used to calculate the
fee.
The following is added after the first sentence in the first paragraph on page
23 under the heading "Expense Limitations":
AFIMS has agreed to continue through June 30, 2000 the voluntary
limitations on each Portfolio's "other" expenses at the levels set for
1999.
