Progressive Capital Accumulation Trust
SUPPLEMENT
Dated July 30, 1999
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1999
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus.
Management of the Trust
The Current Prospectus and Statement of Additional Information of the
Trust indicates that the portfolio is managed primarily by Paul Jaspard. As of
July 15, 1999, Paul Jaspard is sharing the responsibility for the management of
the Trust's portfolio with his son, Alain Jaspard. Alain Jaspard has assumed the
role of co-manager with his father in part due to serious health concerns of
Paul Jaspard, which has forced him to assume a less active role in the
day-to-day management of the portfolio. Alain Jaspard is also a Vice President
of the Investment Adviser and has been engaged continuously in the investment
management business, including the management of investment company assets,
since September, 1997. From September, 1996 to September 1997, Alain Jaspard was
an investment analyst with Global Equity Managers, an investment advisory firm
based in Luxembourg. From September, 1993 to September 1996, he was employed as
head of personnel recruitment and training for a large Belgian transportation
firm.
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