<PAGE>
THE FULCRUM TRUST
Supplement effective July 1, 2000 to Prospectus dated
May 1, 2000
The second sentence of footnote 1 under "Expense Summary" on page 11 is revised
as follows:
AFIMS has agreed to keep this limitation in place through December 31,
2000, but it may discontinue this limitation at any time after that
date.
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The following replaces the information on the International Growth Portfolio in
the left-side chart on page 16 under the section entitled "Management of the
Portfolios":
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Portfolio,
Portfolio Manager Name and Address
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International Growth Portfolio
Bee & Associates, a division of
Denver Investment Advisors LLC
1225 17th Street, 26th Floor
Denver, CO 80202
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The following replaces the information on page 18 on Jason Yee under the section
entitled "Management of the Portfolios" relating to the individuals or groups of
individuals primarily responsible for the day-to-day management of the
International Growth portfolio. Mr. Yee is no longer associated with the
International Growth Portfolio.
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<CAPTION>
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Name and Title of
Portfolio Name, Individual Portfolio Managed Business Experience
Portfolio Manager Name Manager(s) Portfolio Since for the Past Five Years
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<S> <C> <C> <C>
International Growth Portfolio Kevin Beck, 2000 Mr. Beck, CFA, joined Bee & Associates in
Bee & Associates, a division of Investment Officer 2000 as an analyst; prior to 2000, he was
Denver Investment Advisors LLC a regional investment analyst in the Rio
de Janeiro office of Robert Fleming Inc.;
an equity analyst with American Family
Insurance; and a junior analyst with Harris
Associates.
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