The Park Avenue Portfolio
Supplement dated October 8, 1997
to Prospectus dated May 1, 1997
This Supplement should be retained with the Prospectus for future
reference.
The following is added to the section entitled "How to Purchase Shares"
on page 33 of the Prospectus:
Purchases by Telephone
Purchases may be made by telephone by calling 1-(800)-343-0817
between 9:00 a.m. and 3:00 p.m., Eastern time, on any Business Day. The
telephone purchase order may be made by the investor or the investor's
registered representative, provided that the investor has completed the
appropriate item on the Park Avenue Portfolio application or Shareholder
Privilege form, and the investor's bank is a member of the Automated
Clearing House. An investor may also establish the telephone purchase
privilege by sending a written request with a signature guarantee,
together with a voided check for the investor's bank account. The funds
for the telephone purchase will be automatically deducted from the
investor's bank account designated on the application or form. The price
per share for a telephone purchase order will be the public offering price
next determined after the funds are received by GISC, which normally
occurs within two Business Days after the telephone purchase order.
