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ENDEAVOR VARIABLE ANNUITY
ENDEAVOR SERIES TRUST
Supplement to Prospectuses dated May 1, 1996 and Related
Statements of Additional Information
Change in Investment Adviser for Value Small Cap Portfolio
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Endeavor Investment Advisers, the Fund's Manager, has determined with
the approval of the Fund's Trustees to terminate the current Investment Advisory
Agreement between the Manager and OpCap Advisors ("OpCap") with respect to the
Value Small Cap Portfolio. The Trustees have approved a new Investment Advisory
Agreement for the Portfolio which will be entered into with The Dreyfus
Corporation ("Dreyfus") effective September 16, 1996. Except as described
herein, the terms of the new Investment Advisory Agreement with Dreyfus are
substantially the same as those contained in the current Investment Advisory
Agreement with OpCap. There will be no changes in the fees payable by the
Portfolio to the Manager. The Manager will pay Dreyfus a fee of .375% of the
Portfolio's average daily net assets.
The new Investment Advisory Agreement with Dreyfus will continue in
effect after January 13, 1997 only if the Portfolio's shareholders have approved
the new Agreement before such date. Accordingly, the new Investment Advisory
Agreement, together with a proposed change (which will become effective upon
shareholder approval) in the investment objective of the Portfolio from
investment in companies with market capitalizations of under $1 billion to
investment in companies with a median capitalization of approximately $750
million, provided that under normal market conditions at least 75% of the
Portfolio's investments will be in equity securities of companies with
capitalizations at the time of purchase between $150 million and $1.5 billion,
together with certain other related matters will be submitted to shareholders
for approval at a special meeting to be held as soon as practicable.
Dreyfus
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Dreyfus is currently the Adviser to the Fund's Dreyfus U.S. Government
Securities Portfolio. Accordingly, information regarding Dreyfus is contained in
the Prospectus.
The portfolio managers for the Value Small Cap Portfolio are David L.
Diamond and Peter I. Higgins. Mr. Diamond has been employed by The Boston
Company Asset Management, Inc. since June, 1991 and by Dreyfus since October,
1994. Mr. Higgins has been employed by The Boston Company, Inc. since August,
1988, by The Boston Company Asset Management, Inc. since June, 1991 and by
Dreyfus since February, 1996.
September 10, 1996
