CASH EQUIVALENT FUND
Money Market Portfolio
----------------------
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED NOVEMBER 30, 1998
The following disclosure supplements the section entitled "Investment
Restrictions" in the currently effective Statement of Additional Information:
With regard to Restriction #10, for purposes of determining the percentage of
the Portfolio's total assets invested in securities of issuers having their
principal business activities in a particular industry, asset backed securities
will be classified separately, based on the nature of the underlying assets.
Currently, the following categories are used: captive auto, diversified, retail
and consumer loans, captive equipment and business, business trade receivables,
nuclear fuel and capital and mortgage lending.
May 26, 1999
