File No.: 811-6647
SUPPLEMENT TO REGISTRATION STATEMENT ON FORM N-1A, PART A
DATED JUNE 26, 1998
The accompanying Part A of the Growth Stock Portfolio's Registration
Statement on Form N-1A dated April 29, 1998 ("Part A") lists Scudder Kemper
Investments, Inc. ("Scudder Kemper") as Sector Adviser to the finance sector of
the Growth Stock Portfolio (the "Portfolio"). Jonathan Kay, who served as
portfolio manager of the finance sector of the Portfolio while at Scudder
Kemper, has left Scudder Kemper to join Delta Capital Management Inc. ("Delta
Capital").
Effective June 26, 1998, the Subadviser has selected, with the approval of
the Portfolio Trustees, Delta Capital as Sector Adviser to manage the assets of
the Portfolio representing the finance sector. Accordingly, the following
information about Delta Capital should be added under the caption "Sector
Advisers", which begins on page A-10 of Part A:
"DELTA CAPITAL MANAGEMENT INC. serves as Sector Adviser to the finance
sector of the Portfolio. Delta Capital is a registered investment adviser which
has been providing investment services to individuals, endowments, corporations
and other institutions since 1992. As of December 31, 1997, Delta Capital held
discretionary investment authority over approximately $480 million of assets.
Delta Capital is controlled by Francis L. Fraenkel, Chairman of Delta Capital.
Jonathan Kay is the portfolio manager primarily responsible for the day-to-day
management of those assets of the Portfolio allocated to Delta Capital. Mr. Kay
has been associated with Delta Capital since April 1998. From 1993 to March
1998, Mr. Kay was a portfolio manager for Scudder Kemper Investments, Inc., a
registered investment adviser."
