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DLJ WINTHROP OPPORTUNITY FUNDS
SUPPLEMENT DATED JULY 16, 1999 TO STATEMENT OF
ADDITIONAL INFORMATION DATED FEBRUARY 23, 1999
The following language should replace the second and third paragraphs on
page 22 of the DLJ Winthrop International Funds Statement of Additional
Information:
For purposes of computation of net asset value, each of the International
Funds values securities held in its respective portfolios as follows:
Except as otherwise provided, securities (including options) listed on a
U.S. securities exchange, a recognized international securities exchange
or the NASDAQ Stock Market will be valued at the last reported sales
price on the date of valuation as quoted on the U.S. securities
exchange, the recognized international securities exchange or the NASDAQ
Stock Market, as the case may be. However, where a foreign securities
market remains open at the time that the Fund values its portfolio
securities, or closing prices of securities from that market may not be
retrieved because of local time differences or other difficulties in
obtaining such prices at that time, last sale prices in such market at a
point in time most practicable to timely valuation of the Fund may be
used. If there have been no sales on the date of determination, such
security will be valued at the mean of the most recent bid and asked
price on such date, unless it is determined that such mean does not
reasonably reflect true market value, in which case, such value shall be
determined pursuant to the fair market value procedures adopted by the
Board of Trustees. In cases where securities are traded on more than one
exchange, such securities will be valued on the exchange designated by
or under the authority of the Board of Trustees as the primary market.
