CAMBRIDGE SERIES TRUST
Supplement to Prospectus and Statement of Additional Information dated
November 30, 1993
On December 20, 1993, the Board of Trustees of Cambridge Series Trust (the
"Trust") voted to substitute Pacific Investment Management Company ("PIMCO")
for Federated Advisers as the Sub-Adviser of the Cambridge Government Income
Portfolio. PIMCO will begin serving as the Sub-Adviser for the Cambridge
Government Income Portfolio no later than February 20, 1994, pursuant to the
terms of an interim sub-advisory agreement approved by the Board of
Trustees. The terms of this agreement, including compensation, are
identical to those of the current sub-advisory agreement between Federated
Advisers and Cambridge Investment Advisors, Inc., except that the agreement
will terminate upon the earlier to occur of (1) 120 days from commencement
of the agreement or (2) final adjournment of the meeting of the shareholders
of the Cambridge Government Income Portfolio held for the purpose of
approving a new sub-advisory agreement with PIMCO. It is currently
anticipated that this shareholders meeting will be held during the first
quarter of 1994.
The following description of PIMCO replaces "Sub-Advisers' Profiles --
Cambridge Government Income Portfolio" on page 30 of the prospectus and the
first four sentences of the paragraph relating to Federated Advisers under
the heading "The Sub-Advisers" on page 13 of the Statement of Additional
Information:
Cambridge Government Income Portfolio. Under the terms of an interim
Sub-Advisory Agreement between Pacific Investment Management Company
("PIMCO") and the Investment Adviser, PIMCO serves as the Sub-Adviser
to the Cambridge Government Income Portfolio. PIMCO, established in
1971, provides investment advisory services to investment companies,
pension plans, foundations, endowments and other institutions located
both in the U.S. and abroad. As of November 30, 1993, PIMCO had over
$52.6 billion of assets under management, of which approximately $26.0
billion were invested in U.S. government securities. PIMCO, a wholly
owned subsidiary of Pacific Mutual Life Insurance Company, is located
at 840 Newport Center Drive, Suite 360, Newport Beach, California
92660.
David H. Edington will serve as the portfolio manager of the Cambridge
Government Income Portfolio. An Executive Vice President of PIMCO,
Mr. Edington joined the firm in 1987. He received a Bachelor's degree
in Engineering from the California Polytechnic State University and a
Master's degree in Management from the Sloan School of Management at
M.I.T.
January 7, 1994
CAMBRIDGE DISTRIBUTORS, INC., Distributor
FEDERATED SECURITIES CORP., Co-Distributor
3122219A (12/93)
