File No. 33-23512, 811-5629
Filed under Rule 497(e)
The GCG Trust
Prospectus Supplement
January 6, 1999
Supplement to the
Prospectus dated May 1, 1998,
as supplemented June 8, 1998 and July 24, 1998
for
The GCG Trust
The following changes have occurred within the organizations of three Portfolio
Managers of The GCG Trust.
VALUE EQUITY SERIES -- EAGLE ASSET MANAGEMENT, INC.
Upon the resignation of Michael Chren, the day-to-day manager of the Value
Equity Series, Eagle Asset Management, Inc. has announced the Series will be
managed by an investment committee effective immediately.
MULTIPLE ALLOCATION AND STRATEGIC EQUITY SERIES -- ZWEIG ADVISORS INC.
Phoenix Investment Partners, Ltd. and the Zweig Group, which includes Zweig
Advisors Inc., have entered into an agreement for Phoenix Partners to purchase
the retail mutual fund and closed-end fund business of the Zweig Group. Zweig
Advisors is the current Portfolio Manager of the Multiple Allocation and
Strategic Equity Series of The GCG Trust.
Phoenix Partners, a Delaware corporation, is the tenth largest publicly
traded money management firm in the United States, and through its affiliates,
provides institutions and individuals with a full line of investment products
and services. The firm, which manages approximately $50 billion in assets
through its affiliates, is headquartered in Hartford, Connecticut, which is also
home to its majority stockowner, Phoenix Home Life Mutual Insurance Company.
After the closing, the individuals responsible for the day-to-day portfolio
management will remain the same, except that Dr. Martin E. Zweig will not be
remaining with Zweig Advisors but will continue to be responsible for the asset
allocation decisions of the Series under a separate sub-advisory agreement with
Zweig Consulting LLC. Zweig Consulting is a New York limited liability
corporation which is controlled by Dr. Zweig.
Under the securities laws, consummation of the acquisition will likely
result in the termination of the Portfolio Management Agreement among The GCG
Trust, Directed Services, Inc. and Zweig Advisors. It is expected that The GCG
Trust's Board of Trustees will consider before that time a new agreement with
the portfolio manager and the sub-advisory agreement among The GCG Trust,
Directed Services and Zweig Consulting, in respect of the Trust and its Series.
Any such Portfolio Management Agreement, if approved by the Board, will likely
be similar to the current agreement, and it and the new sub-advisory agreement
would be subject to approval by shareholders of the Multiple Allocation and
Strategic Equity Series of The GCG Trust.
GROWTH & INCOME AND VALUE + GROWTH SERIES -- ROBERTSON, STEPHENS & COMPANY
INVESTMENT MANAGEMENT, L.P.
Bank America Corporation and a group of principals of Robertson, Stephens
& Company Investment Management, L.P. ("Robertson, Stephens") have agreed to the
purchase of Robertson, Stephens by these principals. Robertson, Stephens is the
current Portfolio Manager of the Growth & Income and Value + Growth Series of
The GCG Trust.
Under the securities laws, consummation of the acquisition will likely
result in the termination of the Portfolio Management Agreement among The GCG
Trust, Directed Services, Inc. and Robertson, Stephens. It is expected that The
GCG Trust's Board of Trustees will consider before that time a new agreement
with the portfolio manager, in respect of the Trust and its Series. Any such
agreement, if approved by the Board, will likely be similar to the current
agreement, and would be subject to approval by shareholders of the Growth &
Income and Value + Growth Series of The GCG Trust.
This supplement should be retained with your Prospectus for The GCG Trust.
G3059-PM 1/6/99
