SUPPLEMENT TO PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
OF
MERRIMAC SERIES (THE "TRUST")
THIS SUPPLEMENT IS DATED JULY 30, 1998.
The Prospectus and Statement of Additional Information of the Trust,
each dated June 24, 1998, are hereby amended and supplemented as follows:
-----------------------------------------------------
INVESTMENT SUB-ADVISER TO THE MERRIMAC CASH PORTFOLIO
On July 30, 1998, the Board of Trustees of the Trust appointed
Allmerica Asset Management, Inc. ("AAM") as sub-adviser to the Merrimac Cash
Portfolio (the "Cash Portfolio"), effective September 1, 1998, subject to
shareholder approval at a meeting to be held on August 28, 1998. Prior to
September 1, 1998, the Cash Portfolio will continue to be managed by The Bank
of New York ("BNY").
NEW INVESTMENT SUB-ADVISORY AGREEMENT
A new Investment Sub-Advisory Agreement (the "New Agreement") with AAM
will become effective on September 1, 1998. The terms of the New Agreement are
substantially similar to the terms of the previous Investment Advisory
Agreement with BNY, except for the effective date and the reallocation of fees
between AAM and Investors Bank as adviser to the Cash Portfolio, with no
resultant impact to shareholders. The New Agreement was approved by the Board
of Trustees of the Trust on July 30, 1998.
1
