File No.: 811-6647
SUPPLEMENT TO REGISTRATION STATEMENT ON FORM N-1A, PART A
DATED MARCH 26, 1998
The accompanying Part A of the Growth Stock Portfolio's Registration
Statement on Form N-1A dated April 29, 1997 ("Part A") lists Dreman Value
Advisors, L.P. ("Dreman") as Sector Adviser to the finance sector of the Growth
Stock Portfolio (the "Portfolio"). Dreman has experienced a change of ownership
due to its recent merger with Scudder, Stevens & Clark, Inc. Scudder Kemper
Investments, Inc. ("Scudder Kemper") is the successor by merger to Dreman. Under
the Investment Company Act of 1940, Dreman's merger has resulted in the
"assignment" and termination of the Money Manager Agreement, effective December
31, 1996, among the Portfolio, Dreman and Sector Capital Management, L.L.C. (the
"Subadviser").
Effective March 26, 1998, the Subadviser has selected, with the
approval of the Portfolio Trustees, Scudder Kemper as Sector Adviser to manage
the assets of the Portfolio representing the finance sector. Accordingly the
following information about Scudder Kemper should be added under the caption
"Sector Advisers," which begins on page A-10 of Part A:
"SCUDDER KEMPER INVESTMENTS, INC. serves as Sector Adviser to
the finance sector of the Portfolio. Scudder Kemper is a registered
investment adviser which has been providing investment services to
individuals, banks, investment companies, pension and profit sharing
plans, charitable organizations, corporations and other institutions
for more than seventy years. As of January 31, 1998, Scudder Kemper
held discretionary investment authority over approximately $210 billion
of assets. Scudder Kemper is approximately 70% owned by Zurich
Insurance Company, with the balance owned by Scudder Kemper's officers
and employees. Jonathan Kay is the portfolio manager primarily
responsible for the day-to-day management of those assets of the
Portfolio allocated to Scudder Kemper. Mr. Kay has been associated with
Scudder Kemper since 1993. From 1990 to 1993, Mr. Kay was an associate
with J.S. Eliezer, a management consulting firm serving primarily the
media industry. Scudder Kemper's principal executive offices are
located at 345 Park Avenue, New York, NY 10017."
