<PAGE>
May 21, 1998
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 1998
OF OCC ACCUMULATION TRUST
Timothy Curro resigned on May 15, 1998 as one of the three portfolio
managers of the Small Cap Portfolio. The Portfolio will continue to be
managed by Timothy McCormack and Gavin Albert.
<PAGE>
May 21, 1998
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1998 OF OCC ACCUMULATION TRUST
Timothy Curro resigned on May 15, 1998 as Vice President-Portfolio Manager
of OCC Accumulation Trust. He had been one of three portfolio managers of the
Small Cap Portfolio and the Portfolio will continue to be managed by Timothy
McCormack and Gavin Albert.
