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THE HUDSON RIVER TRUST
Principal Office Located at
1345 Avenue of the Americas -- New York, New York 10105
Supplement Dated January 29, 1999 to
Prospectus Dated May 1, 1998
Effective January 1999, Mark J. Cunneen is the person principally responsible
for the Alliance Small Cap Growth Portfolio's investment program. Mr. Cunneen,
a Senior Vice President of Alliance Capital Management L.P. ("Alliance"), has
been associated with Alliance since January 1999. Prior to joining Alliance,
Mr. Cunneen had been associated with INVESCO since May 1998, and before that
with Chancellor LGT Asset Management, Inc. ("Chancellor") since 1992. Mr.
Cunneen had been the head of Chancellor's Small Cap Equity Group since 1997.
THIS SUPPLEMENT SHOULD BE RETAINED WITH THE
PROSPECTUS FOR FUTURE REFERENCE.
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