<PAGE>
PROVIDIAN SERIES TRUST
(UNDERLYING FUNDS)
SUPPLEMENT DATED JUNE 13, 1997
TO THE
PROSPECTUS DATED MAY 1, 1997
The second paragraph of the description of Providian Investment Advisors, Inc.
under the heading "MANAGEMENT" (which description appears on page 7) is hereby
deleted and replaced in its entirety as follows:
"The Adviser is wholly owned by Providian Corporation, a wholly owned subsidiary
of AEGON International N.V. AEGON International N.V. is a wholly owned
subsidiary of AEGON N.V. Vereniging AEGON (a Netherlands membership association)
has a 53% interest in AEGON N.V."
<PAGE>
PROVIDIAN SERIES TRUST
(UNDERLYING FUNDS)
SUPPLEMENT DATED JUNE 13, 1997
TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
The second paragraph under the "MANAGEMENT" section (which section appears on
page B-25) is hereby deleted and replaced in its entirety as follows:
"The Adviser is wholly owned by Providian Corporation, a wholly owned subsidiary
of AEGON International N.V. AEGON International N.V. is a wholly owned
subsidiary of AEGON N.V. Vereniging AEGON (a Netherlands membership association)
has a 53% interest in AEGON N.V."
<PAGE>
PROVIDIAN SERIES TRUST
SUPPLEMENT DATED JUNE 13, 1997
TO THE
PROSPECTUS DATED MAY 1, 1997
The second paragraph of the description of Providian Investment Advisors, Inc.
under the heading "MANAGEMENT" (which description appears on page 10) is hereby
deleted and replaced in its entirety as follows:
"The Adviser is wholly owned by Providian Corporation, a wholly owned subsidiary
of AEGON International N.V. AEGON International N.V. is a wholly owned
subsidiary of AEGON N.V. Vereniging AEGON (a Netherlands membership association)
has a 53% interest in AEGON N.V."
<PAGE>
PROVIDIAN SERIES TRUST
SUPPLEMENT DATED JUNE 13, 1997
TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
The second paragraph under the "MANAGEMENT" section (which section appears on
page B-23) is hereby deleted and replaced in its entirety as follows:
"The Adviser is wholly owned by Providian Corporation, a wholly owned
subsidiary of AEGON International N.V. AEGON International N.V. is a wholly
owned subsidiary of AEGON N.V. Vereniging AEGON (a Netherlands membership
association) has a 53% interest in AEGON N.V."
