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                               SEVEN SEAS SERIES
                               INTERMEDIATE FUND

                         SUPPLEMENT DATED JULY 5, 1996
                     TO PROSPECTUS DATED DECEMBER 29, 1995


Effective immediately the Portfolio Manager for the Seven Seas Series
Intermediate Fund is John Kirby.  Mr. Kirby has been with State Street
since 1995.  Prior to joining State Street, Mr. Kirby was an account manager
with Blake & Associates.  Prior to Blake, Mr. Kirby was a fixed income analyst
at One Federal Asset Management a Shawmut Bank subsidiary, and at Cambridge 
Port Savings as an asset/liability risk specialist.



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