File No. 033-79166, 811-8522
Filed under Rule 497(e)
THE EQUI-SELECT SERIES TRUST
PROSPECTUS SUPPLEMENT
FEBRUARY 24, 1998
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 1997 AS AMENDED
JUNE 26, 1997, JULY 9, 1997, OCTOBER 24, 1997 AND JANUARY 5, 1998
The Equi-Select Series Trust's Board of Trustees, at a meeting on
February 14, 1998, approved a sub-advisory agreement among the Equi-Select
Series Trust (the "Trust"), Directed Services, Inc. and Baring International
Investment Limited ("BIIL") appointing BIIL as Sub-Advisor to the
International Fixed Income Portfolio to become effective on May 1, 1998
pending shareholder approval. On that date, Credit Suisse Asset Management
Limited will cease to act as the Sub-Advisor to the International Fixed
Income Portfolio of the Trust.
The agreement approved by the Trustees is substantially similar to the
respective agreement now in effect including the compensation to be paid to
the new Sub-Advisor. Additionally, the Board of Trustees voted to submit
this agreement to the shareholders of the International Fixed Income
Portfolio of the Trust for their approval.
BIIL, located at 155 Bishopsgate London, is registered under the
Investment Advisor's Act of 1940 and provides investment management services.
BIIL is a wholly owned subsidiary of Baring Asset Management Holdings Limited
("BAMHL"). BAHML, a company registered is England and Wales, is the parent
of the world-wide group of investment management companies that operate under
the collective name Baring Asset Management ("BAM"). BAMHL is a wholly owned
indirect subsidiary of ING Groep N.V., a publicly traded company based in the
Netherlands with worldwide insurance and banking subsidiaries.
BAM provides global investment management services and maintains major
investment offices in Boston, London, Hong Kong and Tokyo, and together with
its predecessor corporation was founded in 1762. BAM provides advisory
services to institutional investors, offshore investment companies, insurance
companies and private clients. As of December 31, 1997, BAM managed
approximately $36.1 billion of assets.
The International Fixed Income Portfolio will be managed by Paul Thursby.
Mr. Thursby has been an investment professional with BIIL since 1991 and has
18 years of investment. He is a specialist in the Japanese domestic bond
market and lived in Japan for two years while working for Prudential Bache.
He has recently been recognized by Micropal for his outstanding management of
fixed income funds. He is a senior member of the Fixed Income and Currency
Team and sits on the Fixed Income Strategy Group. His specialization is the
construction of diversified portfolios on behalf of U.S., U.K. and Japanese
clients.
5569-BAM 2/24/98
