<PAGE>
Filed Pursuant to Rule 497(c)
Registration File No.: 002-94996
PROSPECTUS SUPPLEMENT DATED MARCH 1, 1998
TO PROSPECTUSES DATED MAY 1, 1997
THE HUDSON RIVER TRUST
The section of the Prospectus entitled "Financial Highlights" is hereby
supplemented with the following:
FINANCIAL HIGHLIGHTS
The financial information below for the fiscal year ended on December 31,
1997 has been audited by Price Waterhouse LLP, the Trust's independent
accountants. The December 31, 1997 audited financial statements of the Trust,
and the "Report of the Independent Accountants" thereon, are incorporated by
reference herein. The Trust's 1997 annual report, which contains additional
performance information, is available without charge upon request.
SELECTED DATA FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT THE PERIOD(C)
<TABLE>
<CAPTION>
ALLIANCE INTERMEDIATE
ALLIANCE MONEY GOVERNMENT SECURITIES ALLIANCE QUALITY
MARKET PORTFOLIO PORTFOLIO BOND PORTFOLIO
---------------------- ----------------------- ----------------
CLASS IA CLASS IB CLASS IA CLASS IB* CLASS IA
SHARES SHARES SHARES SHARES SHARES
---------- ---------- ---------- ----------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period(a) .............. $10.17 $10.16 $ 9.29 $ 9.27 $ 9.49
---------- ---------- ---------- ----------- ----------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................... 0.54 0.52 0.53 0.32 0.60
Net realized and unrealized gain on investments and
foreign currency transactions ...................... -- -- 0.13 0.22 0.24
---------- ---------- ---------- ----------- ----------------
Total from investment operations .................... 0.54 0.52 0.66 0.54 0.84
---------- ---------- ---------- ----------- ----------------
LESS DISTRIBUTIONS:
Dividends from net investment income ................ (0.53) (0.51) (0.51) (0.38) (0.59)
Distributions from realized gains ................... (0.00) (0.00) -- -- --
---------- ---------- ---------- ----------- ----------------
Total dividends and distributions ................... (0.53) (0.51) (0.51) (0.38) (0.59)
---------- ---------- ---------- ----------- ----------------
Net asset value, end of period ....................... $10.18 $10.17 $ 9.44 $ 9.43 $ 9.74
========== ========== ========== =========== ================
Total return(d) ...................................... 5.42% 5.16% 7.29% 5.83% 9.14%
========== ========== ========== =========== ================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................... $449,960 $123,675 $115,114 $5,052 $203,233
Ratio of expenses to average net assets .............. 0.39% 0.63% 0.55% 0.81%(b) 0.57%
Ratio of net investment income to average net assets 5.28% 5.02% 5.61% 5.15%(b) 6.19%
Portfolio turnover rate .............................. -- -- 285% 285% 374%
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE GROWTH &
ALLIANCE HIGH YIELD INCOME ALLIANCE EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ----------------------- -----------------------
CLASS IA CLASS IB CLASS IA CLASS IB* CLASS IA CLASS IB*
SHARES SHARES SHARES SHARES SHARES SHARES
---------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period(a) $10.02 $10.01 $13.01 $13.42 $15.16 $16.35
---------- ---------- ---------- ----------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 1.04 1.05 0.15 0.05 0.26 0.14
Net realized and unrealized gain on
investments and foreign currency
transactions .......................... 0.75 0.71 3.30 2.91 4.64 3.48
---------- ---------- ---------- ----------- ---------- -----------
Total from investment operations ...... 1.79 1.76 3.45 2.96 4.90 3.62
---------- ---------- ---------- ----------- ---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ... (0.97) (0.95) (0.15) (0.09) (0.25) (0.17)
Distributions from realized gains ..... (0.43) (0.43) (0.93) (0.93) (0.07) (0.07)
---------- ---------- ---------- ----------- ---------- -----------
Total dividends and distributions ..... (1.40) (1.38) (1.08) (1.02) (0.32) (0.24)
---------- ---------- ---------- ----------- ---------- -----------
Net asset value, end of period .......... $10.41 $10.39 $15.38 $15.36 $19.74 $19.73
========== ========== ========== =========== ========== ===========
Total return(d) ......................... 18.48% 18.19% 26.90% 22.41% 32.58% 22.28%
========== ========== ========== =========== ========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...... $355,473 $66,338 $555,059 $32,697 $943,631 $ 110
Ratio of expenses to average net assets 0.62% 0.88% 0.58% 0.83%(b) 0.37% 0.62%(b)
Ratio of net investment income to
average net assets ..................... 9.82% 9.76% 0.99% 0.43%(b) 1.46% 1.10%(b)
Portfolio turnover rate ................. 390% 390% 79% 79% 3% 3%
Average commission rate paid ............ -- -- $0.0586 $0.0586 $0.0309 $0.0309
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE COMMON ALLIANCE GLOBAL INTERNATIONAL
STOCK PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ------------------------ -----------------------
CLASS IA CLASS IB CLASS IA CLASS IB CLASS IA CLASS IB*
SHARES SHARES SHARES SHARES SHARES SHARES
------------ ---------- ------------ ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period(a) $18.23 $18.22 $16.92 $16.91 $11.50 $11.39
------------ ---------- ------------ ---------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.14 0.10 0.17 0.12 0.10 0.02
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions .......................... 5.12 5.11 1.75 1.76 (0.45) (0.31)
------------ ---------- ------------ ---------- ---------- -----------
Total from investment operations ...... 5.26 5.21 1.92 1.88 (0.35) (0.29)
------------ ---------- ------------ ---------- ---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ... (0.11) (0.08) (0.36) (0.33) (0.32) (0.28)
Distributions from realized gains ..... (1.77) (1.77) (1.19) (1.19) (0.56) (0.56)
------------ ---------- ------------ ---------- ---------- -----------
Total dividends and distributions ..... (1.88) (1.85) (1.55) (1.52) (0.88) (0.84)
------------ ---------- ------------ ---------- ---------- -----------
Net asset value, end of period .......... $21.61 $21.58 $17.29 $17.27 $10.27 $10.26
============ ========== ============ ========== ========== ===========
Total return(d) ......................... 29.40% 29.07% 11.66% 11.38% (2.98)% (2.54)%
============ ========== ============ ========== ========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......$9,331,994 $228,780 $1,203,867 $21,520 $190,611 $3,286
Ratio of expenses to average net assets 0.39% 0.64% 0.69% 0.97% 1.08% 1.38%(b)
Ratio of net investment income to
average net assets ..................... 0.69% 0.46% 0.97% 0.67% 0.83% 0.20%(b)
Portfolio turnover rate ................. 52% 52% 57% 57% 59% 59%
Average commission rate paid ............ $0.0579 $0.0579 $0.0412 $0.0412 $0.0294 $0.0294
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE AGGRESSIVE ALLIANCE SMALL CAP CONSERVATIVE
STOCK PORTFOLIO GROWTH PORTFOLIO INVESTORS PORTFOLIO
------------------------ ------------------------- -----------------------
CLASS IA CLASS IB CLASS IA* CLASS IB* CLASS IA CLASS IB*
SHARES SHARES SHARES SHARES SHARES SHARES
------------ ---------- ----------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period(a) $35.85 $35.83 $10.00 $10.00 $11.29 $11.29
------------ ---------- ----------- ------------ ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04 (0.11) 0.01 (0.01) 0.49 0.31
Net realized and unrealized gain on
investments and foreign currency
transactions .......................... 3.71 3.77 2.65 2.65 0.97 1.01
------------ ---------- ----------- ------------ ---------- -----------
Total from investment operations ...... 3.75 3.66 2.66 2.64 1.46 1.32
------------ ---------- ----------- ------------ ---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ... (0.05) (0.03) (0.01) (0.00) (0.49) (0.36)
Distributions from realized gains ..... (3.33) (3.33) (0.30) (0.30) (0.37) (0.37)
------------ ---------- ----------- ------------ ---------- -----------
Total dividends and distributions ..... (3.38) (3.36) (0.31) (0.30) (0.86) (0.73)
------------ ---------- ----------- ------------ ---------- -----------
Net asset value, end of period .......... $36.22 $36.13 $12.35 $12.34 $11.89 $11.88
============ ========== =========== ============ ========== ===========
Total return(d) ......................... 10.94% 10.66% 26.74% 26.57% 13.25% 11.84%
============ ========== =========== ============ ========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......$4,589,771 $73,486 $94,676 $46,324 $307,847 $5,694
Ratio of expenses to average net assets 0.54% 0.81% 0.95%(b) 1.15%(b) 0.57% 0.80%(b)
Ratio of net investment income to
average net assets ..................... 0.11% (0.28)% 0.10%(b) (0.12)%(b) 4.17% 3.82%(b)
Portfolio turnover rate ................. 123% 123% 96% 96% 206% 206%
Average commission rate paid ............ $0.0571 $0.0571 $0.0488 $0.0488 $0.0413 $0.0413
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE BALANCED GROWTH INVESTORS
PORTFOLIO PORTFOLIO
----------------- -------------------------
CLASS IA CLASS IA CLASS IB
SHARES SHARES SHARES
------------ ------------ -----------
<S> <C> <C> <C>
Net asset value, beginning of period(a) $16.64 $17.20 $17.19
------------ ------------ -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.58 0.41 0.36
Net realized and unrealized gain on
investments and foreign currency
transactions .......................... 1.86 2.43 2.43
------------ ------------ -----------
Total from investment operations ...... 2.44 2.84 2.79
------------ ------------ -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ... (0.59) (0.46) (0.43)
Distributions from realized gains ..... (0.91) (1.03) (1.03)
------------ ------------ -----------
Total dividends and distributions ..... (1.50) (1.49) (1.46)
------------ ------------ -----------
Net asset value, end of period .......... $17.58 $18.55 $18.52
============ ============ ===========
Total return(d) ......................... 15.06% 16.87% 16.58%
============ ============ ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...... $1,724,089 $1,630,389 $35,730
Ratio of expenses to average net assets 0.45% 0.57% 0.82%
Ratio of net investment income to
average net assets ..................... 3.30% 2.18% 1.88%
Portfolio turnover rate ................. 146% 121% 121%
Average commission rate paid ............ $0.0409 $0.0460 $0.0460
</TABLE>
- ------------
* For the period from May 1, 1997 (commencement of operations) to
December 31, 1997.
3
<PAGE>
(a) Date as of which funds were first allocated to the Portfolios are as
follows:
Class IA:
Alliance Common Stock Portfolio--June 16, 1975
Alliance Money Market Portfolio--July 13, 1981
Alliance Balanced Portfolio--January 27, 1986
Alliance Aggressive Stock Portfolio--January 27, 1986
Alliance High Yield Portfolio--January 2, 1987
Alliance Global Portfolio--August 27, 1987
Alliance Conservative Investors Portfolio--October 2, 1989
Alliance Growth Investors Portfolio--October 2, 1989
Alliance Intermediate Government Securities Portfolio--April 1, 1991
Alliance Quality Bond Portfolio--October 1, 1993
Alliance Growth and Income Portfolio--October 1, 1993
Alliance Equity Index Portfolio--March 1, 1994
Alliance International Portfolio--April 3, 1995
Alliance Small Cap Growth Portfolio--May 1, 1997
Class IB:
Alliance Money Market, Alliance High Yield, Alliance Common Stock,
Alliance Global, Alliance Aggressive Stock and Alliance Growth
Investors Portfolios--October 2, 1996.
Alliance Intermediate Government Securities, Alliance Growth and
Income, Alliance Equity Index, Alliance International, Alliance Small
Cap Growth and Alliance Conservative Investors Portfolios--May 1, 1997.
(b) Annualized.
(c) Net investment income and capital changes per share are based upon
monthly average shares outstanding.
(d) Total return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Total return calculated for a
period of less than one year is not annualized.
4
