<PAGE>
THE FULCRUM TRUST (THE "TRUST")
SUPPLEMENT EFFECTIVE JULY 1, 1999
TO
STATEMENT OF ADDITIONAL INFORMATION ("SAI")
DATED MAY 1, 1999
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The following information is added on page 21 of the SAI under the section
entitled, "MANAGEMENT OF THE TRUST", "TRUSTEES AND OFFICERS" and the information
regarding David J. Mueller is deleted:
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS DURING
NAME, ADDRESS, AGE POSITION HELD WITH TRUST PAST FIVE YEARS
------------------ ------------------------ ---------------
<S> <C> <C>
Paul T. Kane (42) Assistant Vice President, Treasurer Assistant Vice President, First Allmerica
440 Lincoln Street (Principal Accounting Officer) Financial Life Insurance Company, since
Worcester, MA 01653 June 1999; Vice President/Treasurer
of Tax and Financial Services, BISYS Fund
Services, 1997-1999; Director of
Shareholder Reporting, Fidelity
Investments, 1992-1997
Daniel J. Mahoney (33) Assistant Treasurer Investment Analyst, Allmerica Financial
440 Lincoln Street Investment Management Services, Inc.,
Worcester, MA 01653 1998-present; Manager, Separate
Accounting, First Allmerica Financial
Life Insurance Company, 1994-1997;
Manager, International Mutual Funds
Accounting/Custody Operations, State
Street Bank & Trust, 1992-1993
</TABLE>
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The first sentence in the fifth paragraph on page 23 of the SAI under the
section entitled, "INVESTMENT MANAGEMENT AND OTHER SERVICES", is amended to read
as follows:
AFIMS, First Allmerica and Allmerica Financial Life are direct or
indirect wholly-owned subsidiaries of Allmerica Financial Corporation
("AFC"), a publicly-
<PAGE>
traded Delaware holding company for a group of affiliated companies,
the largest of which is First Allmerica.
-------------------------------------
The second sentence in the third full paragraph on page 24 of the SAI under the
section entitled, "INVESTMENT MANAGEMENT AND OTHER SERVICES", is amended to read
as follows:
AAM is a direct, wholly-owned subsidiary of Allmerica Financial
Corporation ("AFC").
