Endeavor variable annuity
Endeavor series trust
Supplement to Prospectuses dated May 1, 1996 and Related
Statements of Additional Information
Change in Investment Adviser for Value Small Cap Portfolio
Endeavor Investment Advisers, the Fund's Manager, has
determined with the approval of the Fund's Trustees to terminate
the current Investment Advisory Agreement between the Manager and
OpCap Advisors ("OpCap") with respect to the Value Small Cap
Portfolio. The Trustees have approved a new Investment Advisory
Agreement for the Portfolio which will be entered into with The
Dreyfus Corporation ("Dreyfus") effective September 16, 1996.
Except as described herein, the terms of the new Investment
Advisory Agreement with Dreyfus are substantially the same as
those contained in the current Investment Advisory Agreement with
OpCap. There will be no changes in the fees payable by the
Portfolio to the Manager. The Manager will pay Dreyfus a fee of
.375% of the Portfolio's average daily net assets.
The new Investment Advisory Agreement with Dreyfus will
continue in effect after January 13, 1997 only if the Portfolio's
shareholders have approved the new Agreement before such date.
Accordingly, the new Investment Advisory Agreement, together with
a proposed change (which will become effective upon shareholder
approval) in the investment objective of the Portfolio from
investment in companies with market capitalizations of under $1
billion to investment in companies with a median capitalization of
approximately $750 million, provided that under normal market
conditions at least 75% of the Portfolio's investments will be in
equity securities of companies with capitalizations at the time of
purchase between $150 million and $1.5 billion, together with
certain other related matters will be submitted to shareholders
for approval at a special meeting to be held as soon as
practicable.
Dreyfus
Dreyfus is currently the Adviser to the Fund's Dreyfus U.S.
Government Securities Portfolio. Accordingly, information
regarding Dreyfus is contained in the Prospectus.
The portfolio managers for the Value Small Cap Portfolio are
David L. Diamond and Peter I. Higgins. Mr. Diamond has been
employed by The Boston Company Asset Management, Inc. since June,
1991 and by Dreyfus since October, 1994. Mr. Higgins has been
employed by The Boston Company, Inc. since August, 1988, by The
Boston Company Asset Management, Inc. since June 1991 and by
Dreyfus since February, 1996.
September 10, 1996
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