WELLS FARGO VARIABLE TRUST, 485BPOS, 2000-05-01

WELLS FARGO VARIABLE TRUST
485BPOS, 2000-05-01

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<PAGE>

As filed with the Securities and Exchange Commission
on May 1, 2000
Registration No. 333-74283; 811-09255

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_]

Post-Effective Amendment No. 6 [X]

And

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [_]

Amendment No. 8 [X]

(Check appropriate box or boxes)
________________________

WELLS FARGO VARIABLE TRUST
(Exact Name of Registrant as specified in Charter)
111 Center Street
Little Rock, Arkansas 72201
(Address of Principal Executive Offices, including Zip Code)
__________________________

Registrant's Telephone Number, including Area Code: (800) 643-9691
Richard H. Blank, Jr.
c/o Stephens Inc.
111 Center Street
Little Rock, Arkansas 72201
(Name and Address of Agent for Service)
With a copy to:
Robert M. Kurucza, Esq.
Marco E. Adelfio, Esq.
Morrison & Foerster LLP
2000 Pennsylvania Ave., N.W.
Washington, D.C. 20006

It is proposed that this filing will become effective (check appropriate box):

[X] Immediately upon filing pursuant to Rule 485(b), or

[_] on _________ pursuant to Rule 485(b)

[_] 60 days after filing pursuant to Rule 485(a)(1), or

[_] on _________ pursuant to Rule 485(a)(1)

[_] 75 days after filing pursuant to Rule 485(a)(2), or

[_] on ___________pursuant to Rule 485(a)(2)

If appropriate, check the following box:

[_] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
<PAGE>

WELLS FARGO VARIABLE TRUST
--------------------------
Cross Reference Sheet
---------------------

Form N-1A Item Number
- ---------------------

Part A Prospectus Captions
- ------ -------------------

1 Front and Back Cover Pages
2 Objectives and Principal Strategies
Important Risks
3 Summary of Expenses
Example of Expenses
4 Objectives and Principal Strategies
Important Risks
See Individual Fund Summaries
General Investment Risks
5 Not applicable
6 Organization and Management of the Funds
7 Your Account
Dividends and Distributions
Taxes
8 Distribution Plan
Exchanges
9 See Individual Fund Summaries

Part B Statement of Additional Information Captions
- ------ --------------------------------------------

10 Cover Page and Table of Contents
11 Historical Fund Information
12 Investment Restrictions
Additional Investment Policies
Risk Factors
13 Management
14 Capital Stock
15 Management
16 Portfolio Transactions
17 Capital Stock
18 Determination of Net Asset Value
Additional Purchase and Redemption Information
19 Federal Income Taxes
20 Management
21 Performance Calculations
22 Financial Information

Part C Other Information
- ------ -----------------

23-30 Information required to be included in Part C is set forth under
the appropriate Item, so numbered, in Part C of this Document.
<PAGE>

EXPLANATORY NOTE
----------------

This Post-Effective Amendment No. 6 (the "Amendment") to the Registration
Statement of Wells Fargo Variable Trust (the "Trust") is being filed to add to
the Trust's Registration Statement audited financial statements and certain
other financial information for the year ended December 31, 1999, for the Asset
Allocation, Corporate Bond, Equity Income, Equity Value, Growth, Large Company
Growth, Money Market, and Small Cap Growth Funds, and to make certain other
changes to the prospectuses and statements of additional information for these
funds.
<PAGE>

[LOGO OF WELLS FARGO FUNDS]

WELLS FARGO VARIABLE TRUST FUNDS

Please read this Prospectus and keep it for future reference. It is designed to
provide you with important information and to help you decide if a Fund's goals
match your own.

These securities have not been approved or disapproved by the U.S. Securities
and Exchange Commission ("SEC"), nor has the SEC passed upon the accuracy or
adequacy of this Prospectus. Any representation to the contrary is a criminal
offense.

Fund shares are NOT deposits or other obligations of, or issued,endorsed or
guaranteed by Wells Fargo Bank,N.A.("Wells Fargo Bank") or any of its
affiliates.Fund shares are NOT insured or guaranteed by the U.S.Government, the
Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency.
AN INVESTMENT IN A FUND INVOLVES CERTAIN RISKS,INCLUDING POSSIBLE LOSS OF
PRINCIPAL.

PROSPECTUS

Asset Allocation Fund
Corporate Bond Fund
Equity Income Fund
Equity Value Fund
Growth Fund
International Equity Fund
Large Company Growth Fund
Money Market Fund
Small Cap Growth Fund

MAY 1
2000
<PAGE>

Table of Contents Variable Trust Funds
- -------------------------------------------------------------------------------

Overview Objectives and Principal Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 9
Funds. Key Information 15

- -------------------------------------------------------------------------------
The Funds Asset Allocation Fund 16
This section contains important Corporate Bond Fund 20
information about the individual Equity Income Fund 22
Funds. Equity Value Fund 24
Growth Fund 26
International Equity Fund 30
Large Company Growth Fund 32
Money Market Fund 34
Small Cap Growth Fund 38
General Investment Risks 41
Organization and Management
of the Funds 47

- -------------------------------------------------------------------------------
Your Investment Your Account 50
Turn to this section for
information on how to buy
and sell Fund shares.

- -------------------------------------------------------------------------------
Reference Other Information 51
Look here for additional Table of Predecessors 52
information and term Portfolio Managers 53
definitions.
Glossary 56
<PAGE>

Variable Trust Funds Overview
- --------------------------------------------------------------------------------
See the individual Fund descriptions in this Prospectus for further details.

Words appearing in italicized print and highlighted in color are defined in the
Glossary.

- --------------------------------------------------------------------------------
FUND OBJECTIVE
- --------------------------------------------------------------------------------

Asset Allocation Fund Seeks long-term total return,consistent
with reasonable risk.

Corporate Bond Fund Seeks a high level of current income
consistent with reasonable risk.

Equity Income Fund Seeks long-term capital appreciation and
above-average dividend income.

Equity Value Fund Seeks long-term capital appreciation.

Growth Fund Seeks long-term capital appreciation.

International Equity Fund Seeks total return,with an emphasis on
capital appreciation over the long-term.

Large Company Growth Seeks long-term capital appreciation.
Fund

Money Market Fund Seeks current income,while preserving
capital and liquidity.

Small Cap Growth Fund Seeks long-term capital appreciation.

4 Variable Trust Prospectus
<PAGE>

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PRINCIPAL STRATEGY
- --------------------------------------------------------------------------------

We do not select individual securities for investment, rather, we buy
substantially all of the securities of various indexes to replicate the total
return of the index. We use an asset allocation model to allocate and reallocate
assets among common stocks (S&P 500 Index), U.S. Treasury bonds (Lehman Brothers
20+ Bond Index) and money market instruments, operating from a
"normal" allocation of 60% stocks and 40% bonds. We invest in asset classes that
we believe are undervalued in order to achieve better long-term, risk-adjusted
returns.

We invest primarily in corporate debt securities of any maturity. Under normal
market conditions we expect to maintain a dollar weighted-average maturity for
portfolios of between 10 and 15 years. We may invest up to 25% of Fund assets in
securities considered to be below investment grade ("junk bonds") to enhance
yield.

The Fund invests in the common stocks of large, high-quality domestic companies
with above-average return potential and above-average dividend income. We
consider "large" companies to be those whose market capitalization is greater
than the median of the Russell 1000 Index, which is considered a mid- to
large-capitalization index.

We invest in equity securities that we believe are undervalued in relation to
the overall stock markets.

We invest in common stocks and other equity securities of domestic and foreign
companies whose market capitalization falls within the range of the Russell 1000
Index, which is considered a mid- to large-capitalization index. We buy stocks
of companies that have a strong earnings growth trend and above-average
prospects for future growth, or that we believe are undervalued.

We invest in equity securities of companies based in developed non-U.S.
countries and in emerging markets of the world. We expect that the securities
held by the Fund will be traded on a stock exchange or other market in the
country in which the issuer is based, but they also may be traded in other
countries, including the U.S. We apply a fundamentals-driven, value-oriented
analysis to identify companies with above-average potential for long-term growth
and total return capabilities.

The Fund invests in the common stock of large, high-quality domestic companies
that have superior growth potential. We consider "large" companies to be those
whose market capitalization is greater than the median of the Russell 1000
Index, which is considered a mid- to large-capitalization index.

We invest in high-quality, U.S. dollar-denominated money market
instruments, including debt obligations. We may also make certain other
investments, including, for example, repurchase agreements.

We invest in common stocks issued by companies whose market capitalization falls
within the range of the Russell 2000 Index, which is considered a small
capitalization index. We invest in the common stocks of domestic and foreign
issuers we believe have above-average prospects for capital growth, or that may
be involved in new or innovative products, services and processes.

Variable Trust Prospectus 5
<PAGE>

Summary of Important Risks
- --------------------------------------------------------------------------------

This section summarizes important risks that are common to all of the Funds
described in this Prospectus, and important risks that relate specifically to
particular Funds. Both are important to your investment choice. Additional
information about these and other risks is included in:

. the individual Fund Descriptions later in this Prospectus;

. under the "General Investment Risks"section beginning on page 41; and

. in the Funds' Statement of Additional Information.

An investment in a Fund is not a deposit of Wells Fargo Bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.It is possible to lose money by investing in a Fund. Although
the Money Market Fund seeks to maintain the value of your investment at $1.00
per share, it is possible to lose money by investing in the Fund.

- --------------------------------------------------------------------------------
COMMON RISKS FOR THE FUNDS
- --------------------------------------------------------------------------------

Equity Securities
The Funds invest in equity securities, which are subject to equity market
risk. This is the risk that stock prices will fluctuate and can decline and
reduce the value of a Fund's portfolio. Certain types of stock and certain
individual stocks selected for a Fund's portfolio may underperform or decline
in value more than the overall market. As of the date of this Prospectus, the
equity markets, as measured by the S&P 500 Index and other commonly used
indexes, are trading at or close to record levels. There can be no guarantee
that these levels will continue. The Funds that invest in smaller companies,
in foreign companies (including investments made through American Depositary
Receipts and similar instruments), and in emerging markets are subject to
additional risks, including less liquidity and greater price volatility. A
Fund's investment in foreign companies and emerging markets are also subject
to special risks associated with international investing, including
currency, political, regulatory and diplomatic risks.

Debt Securities
The Funds may invest some of their assets in debt securities,such as notes
and bonds, which are subject to credit risk and interest rate risk. Credit
risk is the possibility that an issuer of an instrument will be unable to
make interest payments or repay principal. Changes in the financial strength
of an issuer or changes in the credit rating of a security may affect its
value. Interest rate risk is the risk that interest rates may increase, which
will reduce the resale value of instruments in a Fund's investments,
including U.S. Government obligations. Debt securities with longer maturities
are generally more sensitive to interest rate changes than those with shorter
maturities. Changes in market interest rates do not affect the rate payable
on debt securities held in a Fund, unless the instrument has adjustable or
variable rate features, which can reduce interest rate risk. Changes in
market interest rates may also extend or shorten the duration of certain type
of instruments, such as asset-backed securities, thereby affecting their
value and the return on your investment.

6 Variable Trust Prospectus
<PAGE>

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FUND SPECIFIC RISKS
- --------------------------------------------------------------------------------

The Fund uses an investment model that seeks
undervalued asset classes. There is no
guarantee that the asset allocation model
will make accurate determinations or that an
asset class we believe is undervalued will
Asset Allocation Fund perform as expected. We may incur higher
than average portfolio turnover resulting
from allocation shifts recommended by the
model. Portfolio turnover increases
transaction costs and may trigger capital
gains.

We may invest in debt securities that are in
low or below investment grade categories, or
are unrated or in default at the time of
purchase. Such debt securities have a much
greater risk of default (or in the case of
bonds currently in default, of not returning
principal) and are more volatile than
higher-rated securities of similar
Corporate Bond Fund maturity. The value of such debt securities
will be affected by overall economic
conditions, interest rates, and the
creditworthiness of the individual issuers.
Additionally, these lower rated debt
securities may be less liquid and more
difficult to value than higher rated
securities.

Stocks selected for their high dividend
income may be more sensitive to interest
Equity Income Fund rate changes than other stocks. This Fund is
primarily subject to the equity securities
risks described in the Common Risks section
above.

There is no guarantee that securities
selected as "undervalued" will perform as
Equity Value Fund expected. Stocks of smaller, medium-sized
and foreign companies purchased using the
value strategy may be more volatile and less
liquid than other comparable securities.

We select growth stocks based on prospects
for future earnings, which may not grow as
expected. In addition, at times, the overall
Growth Fund market or the market for value stocks may
outperform growth stocks.

Variable Trust Prospectus 7
<PAGE>

Summary of Important Risks
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FUND SPECIFIC RISKS
- --------------------------------------------------------------------------------

Foreign company stocks involve special
risks,including generally higher commission
rates,political,social and monetary or
diplomatic developments that could affect
U.S.investments in foreign countries.
Emerging market countries may experience
increased political instability,and are
often dependent on international
trade,making them more vulnerable to events
in other countries.They may have less
developed financial systems and volatile
International Equity Fund currencies and may be more sensitive than
more mature markets to a variety of economic
factors. Emerging market securities may also
be less liquid than securities of more
developed countries,which may make them more
difficult to sell, particularly during a
market downturn.Additionally,dispositions of
foreign securities and dividends and
interest payable on those securities may be
subject to foreign taxes.

The Fund is primarily subject to the equity
market risks described in the Common Risks
section above.Dividend-producing large
company stocks have experienced
Large Company Growth Fund unprecedented appreciation in recent
years.There is no guarantee such performance
levels will continue.We select growth stocks
based on prospects for future earnings,which
may not grow as expected.In addition,at
times, the overall market or the market for
value stocks may outperform growth stocks.

Although the Fund seeks to maintain a stable
Money Market Fund net asset value of $1.00 per share,there is
no assurance it will be able to do so.

This Fund may invest in companies that pay
low or no dividends, have smaller market
capitalizations,have less market liquidity,
have no or relatively short operating
histories,or are newly public companies.Some
of these companies have aggressive capital
structures,including high debt levels,or are
involved in rapidly growing or changing
Small Cap Growth Fund industries and/or new technologies.Because
the Fund may invest in such aggressive
securities,share prices may rise and fall
more than the share prices of other funds.In
addition,our active trading investment
strategy may result in a higher-than-average
portfolio turnover ratio,increased trading
expenses,and higher short-term capital
gains.We select stocks for this Fund based
in part on their prospects for future
earnings, which may not grow as expected.In
addition,at times,the overall market or the
market for value stocks may outperform
growth stocks.

8 Variable Trust Prospectus
<PAGE>

Performance History
- --------------------------------------------------------------------------------

The information on the following pages shows you how each Fund has
performed and illustrates the variability of a Fund's returns over
time. Each Fund's average annual returns for one-year, five-year and
since inception periods are compared to the performance of an
appropriate broad-based index. Please remember that past performance is
no guarantee of future results. The performance for the Funds in this
Prospectus do not reflect fees charged by your variable life
insurance/annuity certificate or contract. If they did, returns would
be lower.

The Corporate Bond Fund, International Equity Fund and Large Company
Growth Fund have not been in operation for at least a calendar
year, therefore, performance information is not shown for these Funds.

Asset Allocation Fund Calendar Year Returns (%)

[GRAPH]

'95 28.95
'96 11.46
'97 20.88
'98 25.26
'99 9.33

Best Qtr.: Q4 '98 . 15.86% Worst Qtr.: Q3 '98 . -5.38%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception
WFVT Asset Allocation Fund (Incept. 4/15/94) 9.33 18.93 16.61
S&P 500 Index1 21.04 28.56 25.66
LB Gov't./Corp. Bond Index2 -2.15 7.61 6.76

1. S&P 500 is a registered trademark of Standard & Poor's.
2. Lehman Brothers Government/Corporate Bond Index.

Variable Trust Prospectus 9
<PAGE>

Performance History

Equity Income Fund Calendar Year Returns (%)

[GRAPH]

'97 26.90
'98 18.42
'99 7.90

Best Qtr.: Q4 '98 o 15.63% Worst Qtr.: Q3 '98 o -9.73%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year Inception
WFVT Equity Income Fund (Incept.5/6/96) 7.90 17.14
S&P 500 Index1 21.04 26.75

1. S&P 500 is a registered trademark of Standard & Poor's.

10 Variable Trust Prospectus
<PAGE>

Equity Value Fund Calendar Year Returns (%)

[GRAPH]
'99 -2.48

Best Qtr.: Q2 '99 o 10.87% Worst Qtr.: Q3 '99 o -13.64%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year Inception
WFVT Equity Value Fund (Incept.5/1/98) -2.48 -3.73
S&P 500 Index1 21.04 19.80

1. S&P 500 is a registered trademark of Standard & Poor's.

Variable Trust Prospectus 11
<PAGE>

Performance History
- --------------------------------------------------------------------------------

Growth Fund Calendar Year Returns (%)

[GRAPH]
'95 29.19
'96 22.44
'97 17.33
'98 28.81
'99 20.41

Best Qtr.: Q4 '98 o 22.93% Worst Qtr.: Q3 '98 o -10.40%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception
WFVT Growth Fund (Incept.4/12/94) 20.41 23.55 21.22
S&P 500 Index1 21.04 28.56 25.54

1. S&P 500 is a registered trademark of Standard & Poor's.

12 Variable Trust Prospectus
<PAGE>

Money Market Fund Calendar Year Returns (%)

[GRAPH]

'95 5.41
'96 4.72
'97 5.04
'98 4.77
'99 4.46

Best Qtr.: Q1 '95 o 1.37% Worst Qtr.: Q2 '99 o 1.03%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception
WFVT Money Market Fund (Incept.5/19/94) 4.46 4.88 4.83
IBC All Taxable Money Market Fund Average 4.65 5.59 5.56

Variable Trust Prospectus 13
<PAGE>

Performance History
- --------------------------------------------------------------------------------

Small Cap Growth Fund Calendar Year Returns (%)

[GRAPH]
'96 31.47
'97 9.87
'98 -14.47
'99 66.27

Best Qtr.: Q4 '99 o 67.19% Worst Qtr.: Q3 '98 o -27.93%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year Inception
WFVT Small Cap Growth Fund (Incept.5/17/95) 66.27 20.41
Russell 2000 Index 21.26 16.19

14 Variable Trust Prospectus
<PAGE>

Key Information
- --------------------------------------------------------------------------------

Important information you should look for as you decide to invest in a
Fund:
The summary information on the previous pages is designed to provide
you with an overview of each Fund. The sections that follow provide
more detailed information about the investments and management of each
Fund.

-----------------------------------------------------------------------

Investment Objective and Investment Strategies

The investment objective of each Fund in this Prospectus is
non-fundamental, that is, it can be changed by a vote of the Board of
Trustees alone. The objectives and strategies descriptions for each
Fund tell you:

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. what makes a Fund different from the other Funds offered in this
Prospectus.

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Permitted Investments
A summary of the Fund's key permitted investments and practices.

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Important Risk Factors
Describes the key risk factors for the Fund, and includes risks
described in the "Summary of Important Risks" and "General Investment
Risks" sections.

Words appearing in italicized print and highlighted in color are
defined in the Glossary.

Variable Trust Prospectus 15
<PAGE>

Asset Allocation Fund
- --------------------------------------------------------------------------------

Investment Objective
The Asset Allocation Fund seeks long-term total return, consistent with
reasonable risk.

-----------------------------------------------------------------------

Investment Strategies
We allocate and reallocate assets among common stocks, U.S. Treasury
Bonds and money market instruments. This strategy is based on the
premise that asset classes are at times undervalued or overvalued in
comparison to one another and that investing in undervalued asset
classes offers better long-term, risk-adjusted returns.

-----------------------------------------------------------------------

Permitted Investments
The asset classes we invest in are:

. Stock Investments--We invest in common stocks to replicate the S&P
500 Index. We do not individually select common stocks on the basis
of traditional investment analysis. Instead, we invest in each
company comprising the S&P 500 Index in proportion to its weighting
in the S&P 500 Index to match the total return of the S&P 500 Index
as closely as possible;

. Bond Investments--We invest in U.S. Treasury Bonds to replicate the
Lehman Brothers 20+ Bond Index. Bonds in this Index have remaining
maturities of twenty years or more; and

. Money Market Investments--We invest this portion of the Fund in
high-quality money market instruments, including U.S. Government
obligations, obligations of foreign and domestic banks, short-term
corporate debt instruments and repurchase agreements.

In addition, under normal market conditions, we may invest:

. In call and put options on stock indexes, stock index futures,
options on stock index futures, and interest rate futures contracts
as a substitute for a comparable market position in stocks or bonds;

. In interest rate and index swaps; and

. Up to 25% of total assets in foreign obligations qualifying as money
market investments.

We manage the allocation of investments in the Fund's portfolio
assuming a "normal" allocation of 60% stocks and 40% bonds. This is not
a "target" allocation but rather a measure of the level of risk
tolerance for the Fund.

We are not required to keep a minimum investment in any of the three
asset classes described above, nor are we prohibited from investing
substantially all of our assets in a single class. The allocation may
shift at any time. We may temporarily hold assets in cash or in money
market instruments, including U.S. Government obligations, repurchase
agreements and other short-term investments, to maintain liquidity or
when we believe it is in the best interests of shareholders to do
so. During such periods, the Fund may not achieve its objective of
long-term total return. The Fund is a diversified portfolio.

16 Variable Trust Prospectus
<PAGE>

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Important Risk Factors
Foreign obligations may entail additional risks, such as currency, political,
regulatory and diplomatic risks, which are described in more detail in the
General Investment Risks section below. The value of investments in options on
stock indexes and stock index futures is affected by price movements for the
stocks in a particular index, rather than price movements for an individual
security.

You should consider the "Summary of Important Risks" section on page 6;the
"General Investment Risks" section beginning on page 41; and the specific risks
listed here. They are all important to your investment choice.

Variable Trust Prospectus 17
<PAGE>

Asset Allocation Fund
- --------------------------------------------------------------------------------

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception, if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information which, along with their report and the Fund's financial
statements, is available upon request the Fund's annual report.

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------

---------------
Dec.31,
For the period ended: 1999
---------------
Net asset value,beginning of period $13.45

Income from investment operations:
Net investment income (loss) 0.27
Net realized and unrealized gain (loss)
on investments 0.97

Total from investment operations 1.24

Less distributions:
Dividends from net investment income (0.26)
Distributions from net realized gain (0.01)

Total from distributions (0.27)

Net asset value,end of period $14.42

Total return1 9.33%

Ratios/supplemental data:
Net assets,end of period (000s) $240,671

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.97%
Ratio of net investment income (loss)
to average net assets 2.05%

Portfolio turnover 30%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.17%

1 Total return calculations do not include any sales charges,and would have been
lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of
the variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

18 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1996 1995
- --------------------------------------------------------------------------------
$11.99 $11.42 $11.27 $9.71

0.34 0.60 0.56 0.55

2.60 1.73 0.69 2.21

2.94 2.33 1.25 2.76

(0.34) (0.60) (0.56) (0.55)
(1.14) (1.16) (0.54) (0.65)

(1.48) (1.76) (1.10) (1.20)

$13.45 $11.99 $11.42 $11.27

25.26% 20.88% 11.46% 28.95%

$156,241 $86,506 $51,797 $25,467

0.92% 0.80% 0.69% 0.41%

2.62% 5.20% 5.34% 5.58%

29% 156% 4% 97%

1.11% 0.85% 0.80% 1.22%
<PAGE>

Corporate Bond Fund
- --------------------------------------------------------------------------------

Portfolio Managers: N. Graham Allen, FCMA; John W. Burgess;
Jacqueline A. Flippin; Daniel J. Kokoszka, CFA;
Scott Smith, CFA

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Investment Objective
The Corporate Bond Fund seeks a high level of current income,
consistent with reasonable risk.

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Investment Strategies
We seek a high level of current income by actively managing a
diversified portfolio consisting primarily of corporate debt
securities. When purchasing these securities we consider, among other
things, the yield differences for various corporate sectors, and the
current economic cycle's potential effect on the various types of
bonds. We may invest in securities of any maturity. Under normal market
conditions, we expect to maintain a dollar-weighted average maturity
for portfolio securities of between 10 and 15 years.We also may invest
in U.S. Government obligations.

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Permitted Investments
Under normal market conditions, we invest:

. at least 65% of our total assets in corporate debt securities;

. in U.S. Government obligations;

. up to 25% of our total assets in debt securities that are below
investment grade;and

. up to 25% of our total assets in securities of foreign issuers.

-----------------------------------------------------------------------

Important Risk Factors
We may invest in securities regardless of their rating,or in securities
that are unrated or in default at the time of purchase.

You should consider the "Summary of Important Risks" section on page
6; the "General Investment Risks" section beginning on page 41; and
the specific risks listed here. They are all important to your
investment choice.

20 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------
FUND COMMENCED
ON SEP. 20, 1999
---------------------------------
Dec. 31,
For the period ended: 1999
---------------------------------

Net asset value, beginning of period $ 10.00

Income from investment operations:
Net investment income (loss) 0.16
Net realized and unrealized gain (loss)
on investments (0.18)

Total from investment operations (0.02)

Less distributions:
Dividends from net investment income (0.16)
Distributions from net realized gains 0.00

Total from distributions (0.16)

Net asset value, end of period $ 9.82

Total return (not annualized)1 (0.16%)

Ratios/supplemental data:
Net assets,end of period (000s) $68,423

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.90%
Ratio of net investment income (loss) to
average net assets 5.87%

Portfolio turnover 59%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.25%

1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
period shown. Total return figures do not reflect charges pursuant to the
terms of the variable life insurance policies and variable annuity contracts
funded by separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 21
<PAGE>

Equity Income Fund
- --------------------------------------------------------------------------------

Portfolio Managers: David L. Roberts, CFA; Gary J. Dunn, CFA

-----------------------------------------------------------------------

Investment Objective
The Equity Income Fund seeks long-term capital appreciation and
above-average dividend income.

-----------------------------------------------------------------------

Investment Strategies
We invest primarily in the common stock of large,high-quality domestic
companies that have above-average return potential based on current
market valuations. We primarily emphasize investments in securities of
companies with above-average dividend income. We use various valuation
measures when selecting securities for the portfolio, including
above-average dividend yields and below industry average
price-to-earnings, price-to-book and price-to-sales ratios. We consider
"large" companies to be those whose market capitalization is greater
than the median of the Russell 1000 Index.

-----------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 65% of total assets in income-producing equity securities;
and

. in issues of companies with market capitalization greater than the
median of the Russell 1000 Index (as of December 31,1999, this
median was approximately $4 billion; the median is expected to
change frequently).

We may invest in preferred stocks, convertible securities, and
securities of foreign companies. We will normally limit our
investment in a single issuer to 10% or less of our total assets.

We may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, shares of other
mutual funds and repurchase agreements, or make other short-term
investments, either to maintain liquidity or for short-term defensive
purposes when we believe it is in the best interests of shareholders
to do so. During these periods, the Fund may not achieve its objective
of long-term capital appreciation and above-average dividend income.

-----------------------------------------------------------------------

Important Risk Factors
Stocks selected for their high dividend yields may be more sensitive to
interest rate changes than other stocks.

You should consider the "Summary of Important Risks" section on page
6; the "General Investment Risks" section beginning on page 41; and
the specific risks listed here. They are all important to your
investment choice.

22 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------------------------------------------
FUND COMMENCED
ON MAY 6,1996
----------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
For the period ended: 1999 1998 1997 1996
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.00 $ 13.68 $ 10.91 $ 10.00

Income from investment operations:
Net investment income (loss) 0.17 0.18 0.14 0.08
Net realized and unrealized gain (loss)
on investments 1.09 2.34 2.79 0.92

Total from investment operations 1.26 2.52 2.93 1.00

Less distributions:
Dividends from net investment income (0.17) (0.18) (0.14) (0.08)
Distributions from net realized gain 0.00 (0.02) (0.02) (0.01)

Total from distributions (0.17) (0.20) (0.16) (0.09)

Net asset value,end of period $ 17.09 $ 16.00 $ 13.68 $ 10.91

Total return (not annualized)1 7.90% 18.42% 26.90% 9.95%

Ratios/supplemental data:
Net assets,end of period (000s) $ 127,793 $ 86,069 $ 39,888 $ 9,415

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.86% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to
average net assets 1.16% 1.47% 1.85% 2.31%

Portfolio turnover 5% 1% 3% 4%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.12% 1.10% 1.34% 2.51%
</TABLE>

1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 23
<PAGE>

Equity Value Fund
- --------------------------------------------------------------------------------

Portfolio Managers: Allan White;Allen Wisniewski,CFA;Gregg Giboney,CFA

-----------------------------------------------------------------------

Investment Objective
The Equity Value Fund seeks long-term capital appreciation.

-----------------------------------------------------------------------

Investment Strategies
We seek long-term capital appreciation by investing in a diversified
portfolio composed primarily of equity securities that are trading at
low price-to-earnings ratios,as measured against the stock market as a
whole or against the individual stock's own price history.In addition
we look at the price-to-book value and price-to-cash flow ratios of
companies for indications of attractive valuation.We use both
quantitative and qualitative analysis to identify possible investments.
Dividends are a secondary consideration when selecting stocks.We may
purchase particular stocks when we believe that a history of strong
dividends may increase their market value.

-----------------------------------------------------------------------

Permitted Investments Under normal market conditions,we invest:
. primarily in common stocks of both large,well-established companies
and smaller companies with market capitalization exceeding $50
million at the time of purchase;
. in debt securities that may be converted into the common stock of
both U.S.and foreign companies;and
. up to 25% of our assets in foreign companies through American
Depositary Receipts and similar instruments.

We may also purchase convertible debt securities with the same
characteristics as common stock, as well as in preferred stock and
warrants.

We may temporarily hold assets in cash or in money market
instruments,including U.S.Government obligations,shares of other mutual
funds and repurchase agreements, or make short-term investments,either
to maintain liquidity or for short-term defensive purposes when we
believe it is in the best interests of shareholders. During such
periods,the Fund may not achieve its objective of long-term capital
appreciation.

-----------------------------------------------------------------------

Important Risk Factors
There is no guarantee that securities selected as "undervalued" will
perform as expected. Stocks of smaller, medium-sized and foreign
companies purchased using the value approach may be more volatile and
less liquid than other comparable securities.

You should consider the "Summary of Important Risks" section on page
6, the "General Investment Risks" section beginning on page 41, and
the specific risks listed here. They are all important to your
investment choice.

24 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception, if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information which, along with their report and the Fund's financial
statements,is available upon request in the Fund's annual report.

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- ---------------------------------------------------------------------------------------------------------
FUND COMMENCED
ON MAY 1,1998
--------------------------------------------------------
Dec. 31, Dec. 31,
For the period ended: 1999 1998
--------------------------------------------------------
<S> <C> <C>
Net asset value,beginning of period $ 9.55 $ 10.00

Income from investment operations:
Net investment income (loss) 0.08 0.07
Net realized and unrealized gain (loss)
on investments (0.32) (0.45)

Total from investment operations (0.24) (0.38)

Less distributions:
Dividends from net investment income (0.08) (0.07)
Distributions from net realized gains 0.00 0.00

Total from distributions (0.08) (0.07)

Net asset value,end of period $ 9.23 $ 9.55

Total return (not annualized)1 (2.48%) (3.76%)

Ratios/supplemental data:
Net assets,end of period (000s) $ 26,567 $ 11,072

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.06% 1.09%
Ratio of net investment income (loss) to
average net assets 0.96% 1.54%

Portfolio turnover 139% 27%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.53% 2.52%
</TABLE>
1 Total return calculations do not include any sales charges,and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 25
<PAGE>

Growth Fund
- --------------------------------------------------------------------------------

Portfolio Manager: Kelli Hill

----------------------------------------------------------------------

Investment Objective
The Growth Fund seeks long-term capital appreciation.

----------------------------------------------------------------------

Investment Strategies
We seek long-term capital appreciation by investing primarily in common
stocks and other equity securities and we look for companies that have
a strong earnings growth trend that we believe have above-average
prospects for future growth. We focus our investment strategy on larger
capitalization stocks.

----------------------------------------------------------------------

Permitted Investments Under normal market conditions, we invest:
. at least 65% of total assets in equity securities, including common
and preferred stocks, and securities convertible into common
stocks;

. the majority of total assets in issues of companies with market
capitalization that falls within, but towards the higher end of,the
range of the Russell 1000 Index, an index comprised of the 1,000
largest U.S.companies based on total market capitalization, that is
considered a mid-capitalization index (As of December 31,1999, this
range was from $220 million to $604 billion. The range is expected
to change frequently.);and

. up to 25% of total assets in foreign companies through American
Depositary Receipts ("ADRs") and similar instruments.

-----------------------------------------------------------------------

Important Risk Factors
This Fund is primarily subject to the risks associated with equity
securities, including foreign equity and mid-capitalization equity
securities, described under Common Risks in the "Summary of Important
Risks" section. The advisor selects growth stocks based on prospects
for future earnings, which may not grow as expected. In addition,at
times, the overall market or the market for value stocks may outperform
growth stocks.

You should consider the "Summary of Important Risks" section on page
6; the "General Investment Risks" section beginning on page 41; and the
specific risks listed here. They are all important to your investment
choice.

26 Variable Trust Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------
<PAGE>

Growth Fund
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------

---------------------------
Dec.31,
For the period ended: 1999
---------------------------
Net asset value, beginning of period $20.05

Income from investment operations:
Net investment income (loss) 0.02
Net realized and unrealized gain (loss)
on investments 4.06

Total from investment operations 4.08

Less distributions:
Dividends from net investment income (0.03)
Distributions from net realized gain 0.00

Total from distributions (0.03)

Net asset value, end of period $24.10

Total return1 20.41%

Ratios/supplemental data:
Net assets, end of period (000s) $128,495

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.07%
Ratio of net investment income (loss) to
average net assets 0.11%

Portfolio turnover 54%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.27%

1 Total return calculations do not include any sales charges,and would have been
lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

28 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

0.09 0.19 0.20 0.22

4.65 2.48 2.68 2.77

4.74 2.67 2.88 2.99

(0.09) (0.19) (0.20) (0.22)
(1.39) (1.03) (0.25) (0.16)

(1.48) (1.22) (0.45) (0.38)

$20.05 $16.79 $15.34 $12.91

28.81% 17.33% 22.44% 29.19%

$100,927 $71,944 $33,381 $10,920

1.04% 0.65% 0.60% 0.43%

0.51% 1.19% 1.53% 2.05%

69% 124% 95% 84%

1.18% 1.01% 1.12% 2.02%

Variable Trust Prospectus 29
<PAGE>

International Equity Fund*
- --------------------------------------------------------------------------------

Portfolio Managers: Katherine Schapiro,CFA;Stacey Ho,CFA

-----------------------------------------------------------------------

Investment Objective
The International Equity Fund seeks total return,with an emphasis on
capital appreciation,over the long-term,by investing primarily in
equity securities of non-U.S.companies.

-----------------------------------------------------------------------
Investment Strategies
We actively manage a diversified portfolio of equity securities of
companies based in developed non-U.S.countries and in emerging markets
of the world.We expect that the securities we hold will be traded on a
stock exchange or other market in the country in which the issuer is
based,but they also may be traded in other countries,including the U.S.

We apply a fundamentals-driven,value-oriented analysis to identify
companies with above-average potential for long-term growth.The
financial data we examine includes both the company's historical
performance results and its projected future earnings.Among other key
criteria we consider are a company's local,regional or global
franchise;history of effective management demonstrated by expanding
revenues and earnings growth;prudent financial and accounting policies
and ability to take advantage of a changing business environment.

-----------------------------------------------------------------------

Permitted Investments
Under normal market conditions,we invest:

. at least 80% of total assets in equity securities of companies
located or operating outside the U.S.;

. in a minimum of five countries exclusive of the U.S.;

. up to 50% of total assets in any one country;

. up to 25% of total assets in emerging markets;

. in issuers with an average market capitalization of $10 billion or
more,although we may invest in equity securities of issuers with
market capitalization as low as $250 million;and

. in equity securities including common stocks,and preferred
stocks,and in warrants,convertible debt securities, American
Depositary Receipts ("ADRs"),Government Depositary Receipts
("GDRs") (and similar instruments) and shares of other mutual
funds.

Although it is not our intention to do so,we reserve the right to hedge
the portfolio's foreign currency exposure by purchasing or selling
foreign currency futures and forward foreign currency contracts.

We may temporarily hold assets in cash or in money market
instruments,including U.S.Government obligations,shares of other
mutual funds and repurchase agreements,or make other short-term
investments,either to maintain liquidity or for short-term defensive
purposes when we believe it is in the best interests of shareholders
to do so.We may also,for temporary defensive purposes,invest without
limit in cash,short-term debt and equity securities of U.S.companies
when we believe it is in the best interests of shareholders to do
so.During these periods,the Fund may not achieve its objective of
total return,with an emphasis on capital appreciation.

* This Fund will commence operations on July 3,2000.

30 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a result
of adverse changes in currency exchange rates or other developments in the
issuer's home country.Concentrated investment in any single country,especially a
less developed country,would make the Fund's value more sensitive to
economic,currency and regulatory changes within that country. Emerging market
countries are often dependent on international trade and are therefore often
vulnerable to events in other countries.They may have less developed financial
systems and volatile currencies and may be more sensitive than more mature
markets to a variety of economic factors. Emerging market securities may also be
less liquid than securities of more developed countries,which may make them more
difficult to sell,particularly during a market downturn.

You should consider the "Summary of Important Risks" section on page 6,the
"General Investment Risks" section beginning on page 41,and the specific risks
listed here.They are all important to your investment choice.

Variable Trust prospectus 31
<PAGE>

Large Company Growth Fund
- --------------------------------------------------------------------------------

Portfolio Managers: John S.Dale, CFA; Gary E.Nussbaum, CFA

-----------------------------------------------------------------------

Investment Objective
The Large Company Growth Fund seeks long-term capital appreciation by
investing primarily in large, high-quality domestic companies that the
Advisor believes have superior growth potential.

-----------------------------------------------------------------------

Investment Strategies
We consider "large" companies to be those whose market capitalization
is greater than the median of the Russell 1000 Index, which, as of
December 31, 1999, was approximately $4 billion, and is expected to
change frequently. In selecting securities for the Fund, we seek
issuers whose stock is attractively valued with fundamental
characteristics that are significantly better than the market average
and that support internal earnings growth capability. We may invest in
the securities of companies whose growth potential we believe is
generally unrecognized or misperceived by the market.

-----------------------------------------------------------------------

Permitted Investments
We will not invest more than 10% of the Fund's total assets in the
securities of a single issuer.We may invest up to 20% of the Fund's
total assets in the securities of foreign companies and may hedge
against currency risk by using foreign currency forward contracts.

-----------------------------------------------------------------------

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as
a result of adverse changes in currency exchange rates or other
developments in the issuer's home country. Concentrated investment in
any single country, especially a less developed country, would make the
Fund's value more sensitive to economic, currency and regulatory
changes within that country. Emerging market countries are often
dependent on international trade and are therefore often vulnerable to
events in other countries. They may have less developed financial
systems and volatile currencies and may be more sensitive than more
mature markets to a variety of economic factors. Emerging market
securities may also be less liquid than securities of more developed
countries, which may make them more difficult to sell, particularly
during a market downturn.

We select growth stocks based on prospects for future earnings, which
may not grow as expected. In addition, at times, the overall market or
the market for value stocks may outperform growth stocks.

You should consider the "Summary of Important Risks" section on page
6, the "General Investment Risks" section beginning on page 41, and the
specific risks listed above. They are all important to your investment
choice.

32 Variable Trust prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------
FUND COMMENCED
ON SEP.20, 1999
------------------------------
Dec. 31,
For the period ended: 1999
------------------------------
Net asset value, beginning of period $10.00

Income from investment operations:
Net investment income (loss) (0.01)
Net realized and unrealized gain (loss)
on investments 2.04

Total from investment operations 2.03

Less distributions:
Dividends from net investment income 0.00
Distributions from net realized gains 0.00

Total from distributions 0.00

Net asset value, end of period $12.03

Total return (not annualized)1 20.30%

Ratios/supplemental data:
Net assets, end of period (000s) $50,988

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.00%
Ratio of net investment income (loss) to
average net assets (0.47%)

Portfolio turnover 0%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.43%

1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 33
<PAGE>

Money Market Fund
- --------------------------------------------------------------------------------

Investment Objective
The Money Market Fund seeks high current income, while preserving
capital and liquidity.

-----------------------------------------------------------------------

Investment Strategies
We actively manage a portfolio of U.S. dollar-denominated high-quality
money market instruments, including debt obligations. We may also make
certain other investments including,for example, repurchase agreements.

-----------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest in:

. commercial paper rated at the date of purchase as "P-1"by Moody's or
"A-1+"or "A-1" by S&P;

. negotiable certificates of deposit and banker's acceptances;

. repurchase agreements;

. U.S. Government obligations;

. short-term, U.S. dollar-denominated debt obligations of U.S.
branches of foreign banks and foreign branches of U.S. banks;

. municipal obligations; and

. shares of other money market funds.

-----------------------------------------------------------------------

Important Risk Factors
Although we seek to maintain a $1.00 per share NAV,there is no
guarantee that we will be able to do so.Generally,short-term funds do
not earn as high a level of income as funds that invest in longer-term
instruments.

Municipal obligations rely on the creditworthiness or revenue
production of their issuers. Municipal obligations may be difficult
to obtain because of limited supply, which may increase the cost of
such securities and effectively reduce the portfolio's
yield. Typically, less information is available about a municipal
issuer than is available for other types of securities
issuers. Investing in shares of other money market funds will subject
the Fund to the fees charged by the other funds, which will reduce
returns from these investments.

You should consider the "Summary of Important Risks" section on page
6; the "General Investment Risks" section beginning on page 41; and the
specific risks listed here. They are all important to your investment
choice.

34 Variable Trust Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------
<PAGE>

Money Market Fund
- --------------------------------------------------------------------------------

These tables are intended to help you understand the Fund's financial
performance for the past 5 years (or since inception, if shorter). Total returns
represent the rate that you would have earned (or lost) on an investment in the
fund (assuming reinvestment of all dividends and distributions). KPMG LLP
audited this information which, along with their report and the Fund's financial
statements, is available upon request in the Fund's annual report.

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------

---------------------
Dec.31,
For the period ended: 1999
---------------------

Net asset value, beginning of period $1.00

Income from investment operations:
Net investment income (loss) 0.04
Net realized and unrealized gain (loss)
on investments 0.00

Total from investment operations 0.04

Less distributions:
Dividends from net investment income (0.04)
Distributions from net realized gain 0.00

Total from distributions (0.04)

Net asset value, end of period $1.00

Total return1 4.46%

Ratios/supplemental data:
Net assets, end of period (000s) $42,164

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.86%
Ratio of net investment income (loss) to
average net assets 4.45%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.07%

- --------------------------------------------------------------------------------
1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

36 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

0.05 0.05 0.05 0.05

0.00 0.00 0.00 0.00

0.05 0.05 0.05 0.05

(0.05) (0.05) (0.05) (0.05)
0.00 0.00 0.00 0.00

(0.05) (0.05) (0.05) (0.05)

$1.00 $1.00 $1.00 $1.00

4.77% 5.04% 4.72% 5.41%

$26,319 $14,788 $12,667 $5,823

0.82% 0.53% 0.51% 0.42%

4.62% 4.95% 4.64% 5.15%

1.28% 1.07% 1.22% 3.83%
- --------------------------------------------------------------------------------

Variable Trust Prospectus 37
<PAGE>

Small Cap Growth Fund
- --------------------------------------------------------------------------------

Portfolio Manager: Thomas Zeifang, CFA; Christopher F. Greene

-----------------------------------------------------------------------

Investment Objective
The Small Cap Growth Fund seeks long-term capital appreciation.

-----------------------------------------------------------------------

Investment Strategies
We actively manage a diversified portfolio of common stocks issued by
companies whose market capitalization falls within the range of the
Russell 2000 Index. As of December 31, 1999, the range was $10 million
to $13 billion, but it is expected to change frequently. We will sell
the stock of any company whose market capitalization exceeds the range
of this index for sixty consecutive days.

We invest in the common stocks of domestic and foreign companies we
believe have above-average prospects for capital growth, or that may be
involved in new or innovative products, services and processes.

-----------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 65% of total assets in an actively managed, broadly
diversified portfolio of small cap growth-oriented common stocks;

. in at least 20 common stock issues spread across multiple
industry groups and sectors of the economy;

. up to 40% of total assets in initial public offerings or recent
start-ups and newer issues;and

. no more than 25% of total assets in foreign companies through
American Depositary Receipts or similar issues.

-----------------------------------------------------------------------

Important Risk Factors
This Fund is designed for investors willing to assume above-average
risk. We may invest in companies that:

. pay low or no dividends;

. have smaller market capitalization;

. have less market liquidity;

. have no or relatively short operating histories, or are new
public companies or are initial public offerings, whose stocks
are typically more volatile than stocks of more seasoned
companies;

. have aggressive capital structures including high debt levels; or

. are involved in rapidly growing or changing industries and/or new
technologies.

38 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Because we invest in aggressive securities, share prices may rise and
fall more than the share prices of other funds. In addition, our
active trading investment strategy may result in a
higher-than-average portfolio turnover ratio, increased trading
expenses, and higher short-term capital gains. Stocks of foreign
companies, whether purchased directly or through American Depositary
Receipts, may be more volatile and less liquid than other comparable
securities.

You should consider the "Summary of Important Risks" section on page
6;the "General Investment Risks" section beginning on page 41; and the
specific risks listed here. They are all important to your investment
choice.

Variable Trust Prospectus 39
<PAGE>

Small Cap Growth Fund Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- ----------------------------------------------------------------------------------------------------------------------------------
FUND COMMENCED
ON MAY 1, 1995
------------------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
For the period ended: 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.88 $12.77 $13.50 $11.21 $10.00

Income from investment operations:
Net investment income (loss) (0.04) 0.03 0.01 0.02 0.06
Net realized and unrealized gain (loss)
on investments 7.25 (1.89) 1.24 3.51 1.54

Total from investment operations 7.21 (1.86) 1.25 3.53 1.60

Less distributions:
Dividends from net investment income 0.00 (0.03) (0.01) (0.02) (0.06)
Distributions from net realized gain 0.00 0.00 (1.59) (1.22) (0.33)
Return of Capital Distribution 0.00 0.00 (0.38) 0.00 0.00

Total from distributions 0.00 (0.03) (1.98) (1.24) (0.39)

Net asset value, end of period $18.09 $10.88 $12.77 $13.50 $11.21

Total return (not annualized)1 66.27% (14.47%) 9.87% 31.47% 15.95%

Ratios/supplemental data:
Net assets, end of period (000s) $23,819 $13,295 $11,482 $6,091 $2,027

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.95% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to
average net assets (0.37%) 0.31% 0.07% 0.16% 1.02%

Portfolio turnover 314% 135% 209% 195% 51%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.94% 1.51% 1.88% 2.82% 5.38%
</TABLE>

1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
period shown. Total return figures do not reflect charges pursuant to the
terms of the variable life insurance policies and variable annuity
contracts funded by separate accounts that invest in the Fund's shares.

40 Variable Trust Prospectus
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance
and preferences. You should carefully consider the risks common to
investing in all mutual funds, including Wells Fargo Variable Trust
Funds. Certain common risks are identified in the Summary of Important
Risks on page 6. Other risks of mutual fund investing include the
following:

. Unlike bank deposits, such as CDs or savings accounts, mutual funds
are not insured by the FDIC.

. We cannot guarantee that we will meet our investment
objectives. With respect to the Money Market Fund, we cannot
guarantee that we will be able to maintain a $1.00 per share net
asset value.

. We do not guarantee the performance of a Fund, nor can we assure
you that the market value of your investment will not decline. We
will not "make good" any investment loss you may suffer, nor can
anyone we contract with to provide certain services, such as
selling agents or investment advisors, offer or promise to make
good any such losses.

. Share prices--and therefore the value of your investment--will
increase and decrease with changes in the value of the underlying
securities and other investments. This is referred to as price
volatility.

. Investing in any mutual fund, including those deemed conservative,
involves risk, including the possible loss of any money you invest.

. An investment in a single Fund, by itself, does not constitute a
complete investment plan.

. The Funds that invest in smaller companies, foreign companies
(including investments made through American Depositary Receipts
and similar instruments), and in emerging markets are subject to
additional risks, including less liquidity and greater price
volatility. A Fund's investment in foreign and emerging markets may
also be subject to special risks associated with international
trade, including currency, political, regulatory and diplomatic
risk.

. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government
does not guarantee the market value or current yield of those
obligations. Not all U.S. Government obligations are backed by the
full faith and credit of the U.S. Treasury, and the U.S.
Government's guarantee does not extend to the Funds themselves.

. The Funds may also use certain derivative instruments, such as
options or futures contracts. The term "derivatives" covers a wide
number of investments, but in general it refers to any financial
instrument whose value is derived,at least in part, from the price
of another security or a specified index, asset or rate. Some
derivatives may be more sensitive to interest rate changes or
market moves, and some may be susceptible to changes in yields or
values due to their structure or contract terms.

. The Funds also may invest a portion of their assets in GNMAs, FNMAs
and FHLMCs. Each are mortgage-backed securities representing
partial ownership of a pool of residential mortgage loans. A "pool"
or group of such mortgages is assembled and, after being approved
by the issuing entity, is offered to invest through securities
dealers. Mortgage-backed securities are subject to prepayment risk,
which can alter the maturity of the securities and also reduce the
rate of return on such investments. Collateralized mortgage
obligations ("CMOs") represent principal-only and interest-only
portions of such securities that are subject to increased interest-
rate and credit risk.

Variable Trust Prospectus 41
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

. The Funds may enter into forward currency exchange contracts
("forward contracts") to try to reduce currency exchange risks to
the Funds from foreign securities investments. A forward contract
is an obligation to buy or sell a specific currency for an agreed
price at a future date which is individually negotiated and
privately traded by currency traders and their customers.

. The market value of lower-rated debt securities, also known as
"junk bonds,"and unrated securities tends to reflect individual
developments affecting the issuer to a greater extent than the
market value of higher-rated securities, which react primarily to
fluctuations in the general level of interest rates. Lower-rated
securities also tend to be more sensitive to economic conditions
than higher-rated securities. These lower-rated debt securities are
considered by the rating agencies, on balance,to be predominantly
speculative with respect to the issuer's capacity to pay interest
and repay principal in accordance with the terms of the obligation
and generally involve more credit risk than securities in higher-
rating categories. Even securities rated "BBB" by S&P or "Baa" by
Moody's ratings which are considered investment-grade,possess some
speculative characteristics.

Investment practices and risk levels are carefully monitored.Every
attempt is made to ensure that the risk exposure for each Fund remains
within the parameters of its objective.

What follows is a general list of the types of risks (some of which are
described previously) that may apply to a given Fund and a table
showing some of the additional investment practices that each Fund may
use and the risks associated with them. Additional information about
these practices is available in the Statement of Additional
Information.

Counter-Party Risk--The risk that the other party in a repurchase
agreement or other transaction will not fulfill its contract
obligation.

Credit Risk--The risk that the issuer of a debt security will be unable
to make interest payments or repay principal on schedule. If an issuer
does default, the affected security could lose all of its value, or be
renegotiated at a lower interest rate or principal amount. Affected
securities might also lose liquidity. Credit risk also includes the
risk that a party in a transaction may not be able to complete the
transaction as agreed.

Currency Risk--The risk that a change in the exchange rate between
U.S.dollars and a foreign currency may reduce the value of an
investment made in a security denominated in that foreign currency.

Diplomatic Risk--The risk that an adverse change in the diplomatic
relations between the United States and another country might reduce
the value or liquidity of investments in either country.

Emerging Market Risk--The risk that the emerging market, as defined in
the glossary, may be more sensitive to certain economic changes. For
example, emerging market countries are often dependent on international
trade and are therefore often vulnerable to recessions in other
countries. They may have obsolete financial systems, have volatile
currencies and may be more sensitive than more mature markets to a
variety of economic factors. Emerging market securities may also be
less liquid than securities of more developed countries and could be
difficult to sell, particularly during a market downturn.

Experience Risk--The risk presented by a new or innovative
security. The risk is that insufficient experience exists to forecast
how the security's value might be affected by various economic
conditions.

Information Risk--The risk that information about a security is
either unavailable, incomplete or is inaccurate.

42 Variable Trust Prosspectus
<PAGE>

- --------------------------------------------------------------------------------

Interest Rate Risk--The risk that changes in interest rates can
reduce the value of an existing security. Generally, when interest
rates increase, the value of a debt security decreases. The effect is
usually more pronounced for securities with longer maturities.

Leverage Risk--The risk that an investment practice, such as lending
portfolio securities or engaging in forward commitment or
when-issued securities transactions, may increase a Fund's exposure
to market risk, interest rate risk or other risks by, in
effect, increasing assets available for investment.

Liquidity Risk--The risk that a security cannot be sold at the time
desired, or cannot be sold without adversely affecting the price.

Market Risk--The risk that the value of a stock, bond or other
security will be reduced by market activity. This is a basic risk
associated with all securities.

Political Risk--The risk that political actions, events or
instability may be unfavorable for investments made in a particular
nation's or region's industry, government or markets.

Prepayment Risk--The risk that consumers will prepay mortgage
loans, which can alter the maturity of a mortgage-backed
security, increase interest-rate risk, and reduce rates of return.

Regulatory Risk--The risk that changes in government regulations
will adversely affect the value of a security. Also the risk that an
insufficiently regulated market might permit inappropriate trading
practices.

In addition to the general risks discussed above, you should
carefully consider and evaluate any special risks that may apply to
investing in a particular Fund. See the "Important Risk Factors"
section in the summary for each Fund. You should also see the
Statement of Additional Information for additional information about
the investment practices and risks particular to each Fund.

Variable Trust Prospectus 43
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

Investment Practice/Risk
The following table lists some of the additional investment practices of the
Funds, including some not disclosed in the Investment Objective and Investment
Strategies sections of the Prospectus. The risks indicated after the description
of the practice are NOT the only potential risks associated with that
practice, but are among the more prominent. Market risk is assumed for each. See
the Investment Objective and Investment Strategies for each Fund or the
Statement of Additional Information for more information on these practices.

Investment practices and risk levels are carefully monitored. We attempt to
ensure that the risk exposure for each Fund remains within the parameters of its
objective.

Remember, each Fund is designed to meet different investment needs and
objectives.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

ASSET CORPORATE EQUITY EQUITY
ALLOCATION BOND INCOME VALUE GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk . . . . .
purposes to meet shareholder redemptions.

Emerging Markets
Investments in companies located or operating in Information,
countries considered developing or to have "emerging" Political, Regulatory,
stock markets. Generally, these investments securities Diplomatic, Liquidity . . .
have the same type of risks as foreign securities, but and Currency Risk
to a higher degree.

Floating and Variable Rate Debt
Instruments with interest rates that are adjusted either Interest Rate and
on a schedule or when an index or benchmark changes. Credit Risk . . . . .

Foreign Obligations Information,
Debt of a foreign government or corporation or dollar Political, Regulatory,
denominated debt obligations of foreign branches of Diplomatic, Liquidioy . .
U.S.banks or U.S. branches of foreign banks. and Currency Risk

Foreign Securities
Equity securities issued by a non-U.S. company or debt Information,
of a or foreign government in the form of an American Political, Regulatory,
Depositary Receipt ("ADR") or similar instrument. Foreign Diplomatic,Liquidioy . . . .
securities may also be emerging markets securities, which and Currency Risk
are subject to the same risks, but to a higher degree.

Forward Commitment, When-Issued and
Delayed Delivery Transactions Interest Rate,
Securities bought or sold for delivery at a later date Leverage, Credit and . . . . .
or bought or sold for a fixed price at a fixed date. Experience Risk
</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
LARGE SMALL
INTERNATIONAL COMPANY MONEY CAP
EQUITY GROWTH MARKET GROWTH
- ------------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for temporary Leverage Risk . . . .
purposes to meet shareholder redemptions.

Floating and Variable Rate Debt
Instruments with interest rates that are adjusted either Interest Rate and
on a schedule or when an index or benchmark changes. Credit Risk . . .

Foreign Obligations Information,
Debt of a foreign government or corporation or dollar Political,Regulatory,
denominated debt obligations of foreign branches of Diplomatic,Liquidioy .
U.S. banks or U.S. branches of foreign banks. and Currency Risk

Foreign Securities
Equity securities issued by a non-U.S. company or debt Information,
of a or foreign government in the form of an American Political,Regulatory,
Depositary Receipt ("ADR") or similar instrument. Foreign Diplomatic,Liquidioy . . .
securities may also be emerging markets securities, which and Currency Risk
are subject to the same risks, but to a higher degree.

Forward Commitment, When-Issued and
Delayed Delivery Transactions Interest Rate,
Securities bought or sold for delivery at a later date Leverage, Credit and . . .
or bought or sold for a fixed price at a fixed date. Experience Risk
</TABLE>

44 Variable Trust Prospectus
<PAGE>

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
ASSET CORPORATE EQUITY EQUITY
ALLOCATION BOND INCOME VALUE GROWTH
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
High Yield Securities
Debt securities of lower quality, also known as "junk
bonds," that produce generally higher rates of return. Interest Rate and
These securities tend to be more sensitive to economic Credit Risk . .
conditions and during sustained periods of rising
interest rates, may experience increased interest and/or
principal defaults.

Illiquid Securities
A security that cannot be readily sold, or cannot be Liquidity Risk
readily sold without negatively affecting its fair price. . . . . .
Limited to 15% of total assets.

Loan Participations
Debt obligations that represent a portion of a
larger loan made by a bank. Generally sold without Credit Risk .
guarantee or recourse, some participations sell at a
discount because of the borrower's credit problems.
Limited to 5% of total assets.

Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers
and financial institutions to increase return on those Credit,
securities. Loans may be made up to Investment Company Counter-Party and . . . . .
Act of 1940 limits (currently one-third of total assets Leverage Risk
including the value of collateral received).

Mortgage- and Asset-Backed Securities
Securities consisting of undivided fractional interest Interest Rate,Credit,
in pools of consumer loans,such as mortgage loans, car Prepayment and . .
loans, credit card debt,or receivables held in trust. Experience Risk

Options
The right or obligation to receive or deliver a security
or cash payment depending on the security's price or the Credit,Information
performance of an index or benchmark. Types of options and Liquidity Risk
used may include: options on securities, options on a
stock index, stock index futures and options on stock
index futures to protect liquidity and portfolio value.

Other Mutual Funds
The temporary investment in shares of another mutual
fund. A pro rata portion of the other fund's expenses, in Market Risk . . . . .
addition to the expenses paid by the Funds, will be borne
by Fund shareholders.

Privately Issued Securities
Securities that are not publicly traded but which may be Liquidity Risk
resold in accordance with Rule 144A of the Securities Act . . . . .
of 1933.
</TABLE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
LARGE SMALL
INTERNATIONAL COMPANY MONEY CAP
EQUITY GROWTH MARKET GROWTH
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
High Yield Securities
Debt securities of lower quality, also known as "junk
bonds," that produce generally higher rates of return. Interest Rate and
These securities tend to be more sensitive to economic Credit Risk
conditions and during sustained periods of rising
interest rates, may experience increased interest and/or
principal defaults.

Illiquid Securities
A security that cannot be readily sold, or cannot be Liquidity Risk
readily sold without negatively affecting its fair price. . . . .
Limited to 15% of total assets.

Loan Participations
Debt obligations that represent a portion of a
larger loan made by a bank. Generally sold without Credit Risk
guarantee or recourse, some participations sell at a
discount because of the borrower's credit problems.
Limited to 5% of total assets.

Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers
and financial institutions to increase return on those Credit,
securities. Loans may be made up to Investment Company Counter-Party and . . . .
Act of 1940 limits (currently one-third of total assets Leverage Risk
including the value of collateral received).

Mortgage- and Asset-Backed Securities
Securities consisting of undivided fractional interest Interest Rate,Credit,
in pools of consumer loans, such as mortgage loans, car Prepayment and
loans, credit card debt, or receivables held in trust. Experience Risk

Other Mutual Funds
The temporary investment in shares of another mutual
fund. A pro rata portion of the other fund's expenses, in Market Risk . . . .
addition to the expenses paid by the Funds,will be borne
by Fund shareholders.

Privately Issued Securities
Securities that are not publicly traded but which may be Liquidity Risk
resold in accordance with Rule 144A of the Securities Act . . .
of 1933.
</TABLE>

Variable Trust Prospectus 45
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Repurchase Agreements
A transaction in which the seller of a security agrees Credit
to and buy back a security at an agreed upon time and Counter-Party . . . . .
price, usually with interest. Risk

Small Company Securities
The risk that investments in small companies may be Market,Experience
more volatile than investments in larger companies. and Liquidity . . .
Risk

Stripped Obligations
Securities that give ownership to either future payments
of interest or a future payment of principal, but not Interest Rate .
both. These securities tend to have greater interest Risk
rate sensitivity than conventional debt obligations.
</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

LARGE SMALL
INTERNATIONAL COMPANY MONEY CAP
EQUITY GROWTH MARKET GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Repurchase Agreements
A transaction in which the seller of a security agrees Credit
to and buy back a security at an agreed upon time and Counter-Party . . . .
price, usually with interest. Risk

Small Company Securities
The risk that investments in small companies may be Market,Experience
more volatile than investments in larger companies. and Liquidity . . .
Risk

Stripped Obligations
Securities that give ownership to either future payments
of interest or a future payment of principal, but not Interest Rate
both. These securities tend to have greater interest Risk
rate sensitivity than conventional debt obligations.
</TABLE>

46 Variable Trust Prospectus
<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

A number of different entities provide services to the Funds.This section shows
how the Funds are organized,the entities that perform different services,and how
they are compensated.Further information is available in the Statement of
Additional Information for the Funds.

About Wells Fargo Variable Trust
Wells Fargo Variable Trust ("WFVT") was organized as a Delaware business trust
on March 10,1999.The Board of Trustees of WFVT supervises each Fund's
activities,monitors its contractual arrangements with various service providers
and decides upon matters of general policy.The Funds are available for purchase
through certain variable annuity contracts ("VA Contracts") and variable life
insurance policies ("VLI Policies") offered by the separate accounts of
Participating Insurance Companies. Individual holders of VA Contracts and VLI
Policies are not the "shareholders" of or "investors" in the Funds. Rather,the
Participating Insurance Companies and their separate accounts are the
shareholders or investors,although such companies will pass through voting
rights to the holders of VA Contracts and VLI Policies. The WFVT currently does
not foresee any disadvantages to the holders of VA Contracts and VLI Policies
arising from the fact that the interests of the holders of VA Contracts and VLI
Policies may differ. Nevertheless, the WFVT's Board of Trustees intends to
monitor events in order to identify any conflicts which may arise and to
determine what action, if any, should be taken in response to such conflicts.
The VA Contracts and VLI Policies are described in the separate Prospectuses
issued by the Participating Insurance Companies. The WFVT assumes no
responsibility for such Prospectuses.

- --------------------------------------------------------------------------------
BOARD OF TRUSTEES
- --------------------------------------------------------------------------------
Supervises the Funds'activities
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
INVESTMENT ADVISOR CUSTODIAN
- --------------------------------------------------------------------------------
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds'investment activities Provides safekeeping for the assets
of all Funds except the Asset
Allocation Fund Barclays Global
Investors, N.A. 45 Fremont St., San
Francisco, CA Provides safekeeping for
the Asset Allocation Fund's assets
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
INVESTMENT SUB-ADVISORS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Wells Capital Management Barclays Global Fund Peregrine Capital
Incorporated Advisors Management, Inc.
525 Market St. 45 Fremont St. 800 Lasalle Ave.
San Francisco, CA San Francisco, CA Minneapolis, MN
(All Funds except as described at right) (Asset Allocation Fund) (Large Company Growth Fund)

- ---------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------
TRANSFER
DISTRIBUTOR ADMINISTRATOR AGENT
- ---------------------------------------------------------------------------------------------------------------------
Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA
Markets the Funds Manages the Maintains records
and distributes Funds'business of shares and
Fund shares activities supervises the payment
of dividends
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>

- --------------------------------------------------------------------------------
PARTICIPATING INSURANCE COMPANIES AND SELLING AGENTS
- --------------------------------------------------------------------------------
Advise current and prospective contract holders with Fund investments
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
CONTRACT HOLDERS
- --------------------------------------------------------------------------------

Variable Trust Prospectus 47
<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

In the following sections,the percentages shown are the percentages of
the average daily net assets of each Fund paid on an annual basis for
the services described.

The Investment Advisor
Wells Fargo Bank,N.A.provides portfolio management and fundamental
security analysis services as the advisor for each of the Funds.Wells
Fargo Bank,founded in 1852,is the oldest bank in the western United
States and is one of the largest banks in the United States.Wells Fargo
Bank is a wholly owned subsidiary of Wells Fargo & Company,a national
bank holding company.As of June 30,1999,Wells Fargo Bank and its
affiliates provided advisory services for over $131 billion in

For providing these services,Wells Fargo Bank is entitled to receive
the following fees:

Asset Allocation Fund 0.55%

Corporate Bond Fund 0.45%

Equity Income Fund 0.55%

Equity Value Fund 0.55%

Growth Fund 0.55%

International Equity Fund 0.75%

Large Company Growth Fund 0.55%

Money Market Fund 0.40%

Small Cap Growth Fund 0.75%

The Sub-Advisors
Wells Capital Management Incorporated ("WCM"),a wholly owned subsidiary
of Wells Fargo Bank N.A.,is the sub-advisor for the Funds (except the
Asset Allocation and Large Company Growth Funds).In this capacity,it is
responsible for the day-to-day investment management activities of the
Funds.As of December 31,1999,WCM provided advisory services for over
$71 billion in assets.

Barclays Global Fund Advisors ("BGFA"),a wholly owned subsidiary of
Barclays Global Investors , N.A.("BGI"),and an indirect subsidiary of
Barclays Bank PLC,is the sub-advisor for the Asset Allocation Fund.BGFA
was created from the sale of Wells Fargo Nikko Investment Advisors,a
former affiliate of Wells Fargo Bank,to BGI.BGI is one of the largest
providers of index portfolio management services.As of December
31,1999,BGI managed or provided investment advice for assets
aggregating in excess of $780 billion.

Peregrine Capital Management,Inc.,a wholly owned subsidiary of Norwest
Bank Minnesota,N.A.,is the sub-advisor for the Large Company Growth
Fund.Norwest Bank Minnesota,N.A.is a wholly-owned subsidiary of Wells
Fargo & Company and an affiliate of Wells Fargo Bank,N.A.Peregrine
provides investment advisory services to corporate and public pension
plans,profit sharing plans, savings investment plans and 401(k)
plans.As of December 31,1999,Peregrine managed approximately $8.1
billion in assets.

The Sub-Advisors are compensated by the Investment Advisor from the
fees received by the Advisor as listed above.

48 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

The Administrator
Wells Fargo Bank provides the Funds with administrative
services,including general supervision of each Fund's
operation,coordination of the other services provided to each
Fund,compilation of information for reports to the SEC and state
securities commissions,preparation of proxy statements and shareholder
reports,and general supervision of data compilation in connection with
preparing periodic reports to the Trust's Trustees and officers.Wells
Fargo Bank also furnishes office space and certain facilities to conduct
each Fund's business.For providing these services, Wells Fargo Bank is
entitled to receive a fee of 0.15% of the average annual net assets of
each Fund.

Distribution Plan
We have adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
under the 1940 Act for each Fund.The Plan authorizes the payment of all
or part of the cost of preparing and distributing Prospectuses, annual
and semi-annual reports,and other materials to shareholders,and the
payment of compensation to selling agents.For these services each Fund
pays 0.25% of its annual net assets.

Variable Trust Prospectus 49
<PAGE>

Your Account
- --------------------------------------------------------------------------------

Investing in the Funds
The Funds are available for purchase through certain VA Contracts and
VLI Policies offered by the separate accounts of Participating
Insurance Companies.The separate accounts of the Participating
Insurance Companies place orders to purchase and redeem shares of each
Fund based on,among other things,the amount of premium payments to be
invested and the amount of surrender and transfer requests (as defined
in the Prospectuses describing the VA Contracts and VLI Policies issued
by the Participating Insurance Companies) to be effected on that day
pursuant to VA Contracts and VLI Policies.Please refer to the
Prospectus provided by your selling agent for more detailed information
describing the separate accounts.

The WFVT does not assess any fees,either when it sells or when it
redeems its shares.Surrender charges,mortality and expense risk fees
and other charges may be assessed by Participating Insurance
Companies under the VA Contracts or VLI Policies.These fees and
charges are described in the Participating Insurance Companies'
Prospectuses.

Should any conflict between VA Contract and VLI Policy holders arise
which would require that a substantial amount of net assets be
withdrawn from a Fund of the WFVT,orderly portfolio management could
be disrupted to the potential detriment of the VA Contract and VLI
Policy holders.

50 Variable Trust Prospectus
<PAGE>

Other Information
- --------------------------------------------------------------------------------

Dividends and Capital Gain Distributions
Each Fund is treated separately in determining the amounts of dividends
of net investment income and distributions of capital gains payable to
its shareholders.Dividends and distributions are automatically
reinvested on the payment date for each shareholder's account in
additional shares of the Fund that paid the dividend or distribution at
NAV or are paid in cash at the election of the Participating Insurance
Company.

The Corporate Bond and Money Market Funds declare any dividends daily
and pay them monthly. The Asset Allocation,Equity Income and Equity
Value Funds declare and pay any dividends quarterly.All other Funds
declare and pay any dividends annually.The Funds make any capital gains
distributions at least annually.Participating Insurance Companies will
be informed by January 31 about the amount and character of dividends
and distributions.

Taxes
The following discussion regarding taxes is based on tax laws which
were in effect as of the date of this Prospectus and summarizes only
some of the material federal income tax considerations affecting the
Funds and their shareholders.It is not intended as a substitute for
careful tax planning and does not discuss state,local or foreign income
tax considerations.You should consult your own tax advisor with respect
to your specific tax situation.Please see the SAI for further federal
income tax considerations.Federal income taxation of separate accounts
of life insurance companies,VA Contracts and VLI Policies is discussed
in the Prospectuses of the Participating Insurance Companies.

As described in the prospectuses of the Participating Insurance
Companies,individual holders of VA Contracts and VLI Policies may
qualify for favorable tax treatment.As long as your VA Contract or VLI
Policy maintains favorable tax treatment,you will only be taxed on your
investment in a fund through such VA Contract or VLI Policy.In order to
qualify for such treatment,among other things, the "separate accounts"
of the Participating Insurance Companies,which maintain and invest net
proceeds from the VA Contracts and VLI Policies,must be "adequately
diversified." Each Fund intends to be operated in a manner so that a
separate account investing in Fund Shares on behalf of a holder of a VA
Contract or VLI Policy will be "adequately diversified." See "Taxation
of a Separate Account of a Participating Insurance Company" in the SAI.

Pricing Fund Shares:

. As with all mutual fund investments,the price you pay to purchase
shares or the price you receive when you redeem shares is not
determined until after a request has been received in proper form.

. We determine the NAV of each Fund's shares,except the Money Market
Fund,each business day as of the close of regular trading on the New
York Stock Exchange ("NYSE").We determine the NAV for the Money
Market Fund each business day at 9:00 a.m.(Pacific time)/11:00
a.m.(Central time).We determine the NAV by subtracting each Fund's
liabilities from its total assets,and then dividing the result by
the total number of outstanding shares.The Money Market Fund's
assets are valued using the amortized cost method.Each other Fund's
assets are generally valued at current market prices.See the
Statement of Additional Information for further disclosure.

. The non-money market Funds are open for business on each day the
NYSE is open for business. NYSE holidays include New Year's
Day,Martin Luther King,Jr.Day,President's Day,Good Friday, Memorial
Day,Independence Day,Labor Day,Thanksgiving Day and Christmas
Day.When any holiday falls on a weekend,the NYSE typically is closed
on the weekday immediately before or after such holiday.The Money
Market Fund is open for business Monday through Friday,and generally
is closed on federal bank holidays.

Variable Trust Prospectus 51
<PAGE>

Table of Predecessors
- --------------------------------------------------------------------------------

The Funds described in this Prospectus were created as part of the
reorganization of the Life & Annuity Trust ("LAT") Family of
Funds,advised by Wells Fargo Bank,N.A.,and the Norwest Select Family of
Funds,advised by Norwest Investment Management,Inc.,into a single
mutual fund complex.The reorganization followed the merger of the
advisors' parent companies.

Each Fund,unless otherwise indicated below,is an accounting survivor of
a former Life & Annuity Trust or Norwest Select Funds fund,as indicated
in the following Table.The performance histories and financial
highlights of each accounting survivor Fund are the performance
histories and financial highlights of the predecessor fund.

Wells Fargo Variable Trust Predecessor Funds

Asset Allocation Fund LAT Asset Allocation Fund

Corporate Bond Fund None

Equity Income Fund Norwest Select Income Equity Fund

Equity Value Fund LAT Equity Value Fund

Growth Fund LAT Growth Fund

International Equity Fund None

Large Company Growth Fund None

Money Market Fund LAT Money Market Fund

Small Cap Growth Fund Norwest Select Small Company Stock Fund

52 Variable Trust Prospectus
<PAGE>

Portfolio Managers
- --------------------------------------------------------------------------------

N.Graham Allen,FCMA, Mr.Allen manages the Corporate Bond Fund.He joined
Wells Capital Management Incorporated ("Wells Capital") in 1998 and is
the firm's Chief Fixed Income Officer. His responsibilities include
overseeing of non-dollar fixed-income investments in major developed
countries,emerging markets,Yankee bonds and global high yield
investments.Prior to joining Wells Capital,he headed the international
bond management team at Bradford & Marzec,a Los Angeles-based
investment adviser where he was responsible for managing high yield
securities investments from 1988 to 1998.Educated in England,Mr.Allen
is a Fellow Chartered Management Accountant (FCMA),a recognized
accounting body in the United Kingdom.

John W.Burgess Mr.Burgess co-manages the Corporate Bond Fund.He
joined Wells Capital in 1998 as portfolio manager for high yield
fixed-income investments.He joined Wells Capital from Independent
Financial Advisors,an independent advisory practice in Los Angeles
where he performed research and analysis of fixed-income securities
from 1995 to 1998.Prior to this position,he was a portfolio manager
at Aurora National Life Assurance Company of Santa Monica,
California,where he managed both equity and fixed-income investments
from 1991 to 1994. Mr.Burgess received his BA in English from
Harvard College and a Juris Doctorate degree from Harvard Law
School.He is a Chartered Financial Analyst candidate.

John S.Dale,CFA, Mr.Dale manages the Large Company Growth Fund.He
has managed large company growth portfolios,currently totaling
assets in excess of $3 billion,and has been a Senior Vice President
of Peregrine Capital Management,Inc.since 1988,when he joined the
firm.Mr.Dale received his BA in Marketing from the University of
Minnesota and he is a Chartered Financial Analyst.

Gary J.Dunn,CFA, Mr.Dunn co-manages the Equity Income Fund,and managed
the predecessor portfolio since 1994.He joined Wells Capital in 1998 as
Principal for its Equity Income team,and holds dual positions at both
Wells Capital and Norwest Investment Management,Inc.("NIM"), which
intend to combine investment advisory services under the Wells Capital
name during late 1999/early 2000.Currently,Mr.Dunn is also the Director
of Institutional Investments of NIM.He has been associated with Norwest
or its affiliates as a financial analyst and portfolio manager since
1979.Mr.Dunn holds a BA in Economics from Carroll College and is a
Chartered Financial Analyst.

Jacqueline A.Flippin Ms.Flippin co-manages the Corporate Bond Fund.She
joined Wells Capital in 1998 as a portfolio manager for taxable
fixed-income portfolios.Her area of expertise includes both
mortgage-backed securities and high yield debt.She was a fixed-income
portfolio manager at McMorgan & Company in San Francisco,CA from 1994
to 1998.Ms.Flippin received her BA in Sociology from Northwestern
University and an MBA in Finance from New York University.

Gregg Giboney,CFA, Mr.Giboney co-manages the Equity Value Fund.He
managed the predecessor portfolio since August 1998,and has been
with Wells Capital as a member of the Value Equity Team providing
security analysis and portfolio management since 1996.Mr.Giboney was
with First Interstate Capital Management prior to 1996 in various
capacities,including fixed-income trading,derivative
management,equity analysis,stable value asset management and as a
portfolio manager for personal,institutional and trust
accounts.Mr.Giboney received his BS in Accounting and Finance from
Washington State University,his MBA from the University of
Portland,and he is a Chartered Financial Analyst.

Christopher F.Greene Mr.Greene co-manages the Small Cap Growth
Fund,and co-managed the predecessor portfolio since early 1999.He
joined Wells Capital in 1997.As Portfolio Manager and Analyst for
the firm's small cap equity team,he is responsible for fundamental
security analysis of small and mid cap growth securities.Before
joining Wells Capital,he worked at Hambrecht & Quist, an investment
banking firm in San Francisco,as an analyst in the corporate finance
department from 1993 to 1996.Mr.Greene received a BA in Economics
from Claremont McKenna College.He is a Chartered Financial Analyst
candidate.

Variable Trust Prospectus 53
<PAGE>

Portfolio Managers
- --------------------------------------------------------------------------------

Kelli K.Hill Ms.Hill manages the Growth Fund.She managed the
predecessor portfolio since February 1997,when she joined Wells Capital
as its Core Equity Team Leader.She also manages institutional equity
portfolios and in her research capacity,specializes in the capital
goods and technology sectors.From 1988 to 1997,she was a Portfolio
Manager for Wells Fargo Bank in San Francisco,where her
responsibilities included portfolio management for high net-worth
individuals.Ms.Hill holds a BA in Economics and International Relations
from the University of Southern California,and she is a Chartered
Financial Analyst candidate.

Stacey Ho,CFA, Ms.Ho co-manages the International Equity Fund.She has
been with Wells Capital as an international equity portfolio manager
since early 1997.In 1995 and 1996 she was an international equity
portfolio manager at Clemente Capital Management,and from 1990 to 1995
she managed Japanese and U.S.equity portfolios for Edison
International.Ms.Ho has over nine years of international equity
investment management experience.Ms.Ho received her BA in Civil
Engineering from San Diego State University,her MS in Environmental
Engineering from Stanford University,her MBA from the University of
California at Los Angeles,and she is a Chartered Financial Analyst.

Daniel J.Kokoszka,CFA, Mr.Kokoszka co-manages the Corporate Bond
Fund.Mr.Kokoszka,as the Managing Director of Global Fixed-income for
Wells Capital,is responsible for non-dollar fixed-income investments in
major developed countries and U.S.dollar fixed-income investments
(Yankee bonds) in emerging markets.He joined the firm in 1998 from
Bradford & Marzec,Inc.,a Los Angeles-based investment adviser,where he
was a portfolio manager on the international portfolio management team
from 1993 to 1998.Mr.Kokoszka has a BS in Astronomy from Villanova
University,an MS in Mechanical Engineering from George Washington
University,and an MBA with emphasis in Finance,Corporate Accounting and
Applied Economics from the University of Rochester.He is a Chartered
Financial Analyst,a Certified Management Accountant and is Certified in
Financial Management.

Gary E.Nussbaum,CFA, Mr.Nussbaum co-manages the Large Company Growth
Fund.He has managed large company growth portfolios,currently totaling
assets in excess of $3 billion,and has been a growth equity style
portfolio manager for Peregrine Capital Management,Inc.,where he is
currently a Senior Vice President,since 1990.Mr.Nussbaum received his
Bachelors of Business Administration from the University of
Wisconsin,his MBA from the University of Wisconsin,and his is a
Chartered Financial Analyst.

David L.Roberts,CFA, Mr.Roberts manages the Equity Income Fund and
managed the predecessor portfolio since 1994,and also managed the
predecessor's predecessor collective investment trust since 1986.He is
the Equity Income Managing Director at Wells Capital.He joined the firm
in 1998 and continues to hold dual positions at both Wells Capital and
Norwest Investment Management,Inc.("NIM"),which intend to combine
investment advisory services under the Wells Capital name during late
1999/early 2000.Mr.Roberts joined Norwest Corporation in 1972 as a
Securities Analyst.He became Assistant Vice President Portfolio Manager
in 1980,and was promoted to Vice President in 1982.He holds a BA in
Mathematics from Carroll College and he is a Chartered Financial
Analyst.

Katherine Schapiro,CFA, Ms.Schapiro manages the International Equity
Fund,and she is the Managing Director of the International Equity
team for Wells Capital.As team leader,she manages international
equity funds and portfolios for the firm's institutional clients.She
joined Wells Capital in 1997 from Wells Fargo Bank where she was a
portfolio manager from 1992 to 1997. Ms.Schapiro's 17 years of
investment experience included investment management from 1988 to
1992 at Newport Pacific Management,a San Francisco-based
international investment advisory firm.Ms.Schapiro obtained her BA
in Spanish Literature from Stanford University and is a Chartered
Financial Analyst.She currently serves as President of the Security
Analysts of San Francisco.

54 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Scott M.Smith,CFA, Mr.Smith co-manages the Corporate Bond Fund.He
joined Wells Capital in 1997 and currently manages taxable
fixed-income portfolios as a member of the core-plus team. His
emphasis is on the corporate and mortgage-backed sectors.From 1988
to 1997,while at Wells Fargo Bank,he was a short duration
fixed-income specialist and trust administrator.He has 11 years of
experience in the investment industry.Mr.Smith received his BA in
International Relations/Business from the University of San
Diego,and he is a Chartered Financial Analyst.

Allan White, Mr.White co-manages the Equity Value Fund.He joined
Wells Capital Management as Managing Director of the Value Equity
Strategy Team in January 2000.He is responsible for the day-to-day
management of the Fund,and for the co-direction of the stock
selection process for the Team.Prior to joining Wells Capital
Management,Mr.White was a Principal at Olympic Capital
Management,Inc.since 1993,and in his role as senior portfolio
manager he was responsible for all portfolio investment
decisions.From 1981 to 1993,Mr.White was a Vice President and senior
portfolio manager at Robert E.Torrey & Co.,Inc.He has managed value
equity portfolios for over ten years.

Allen E.Wisniewski,CFA, Mr.Wisniewski co-manages the Equity Value
Fund,and he co-managed the Fund's predecessor portfolio since its
inception in early 1998.He joined Wells Capital in 1997 as a
portfolio manager for the Value Equity Strategy team and as a
research analyst focusing on the higher yield segment of the value
strategy.Before joining Wells Capital in 1997,he was a value equity
portfolio manager from 1987 to 1997 at Wells Fargo
Bank.Mr.Wisniewski received a BA in Economics and an MBA in
Economics and Finance from the University of California at Los
Angeles, and he is a Chartered Financial Analyst.

Thomas Zeifang,CFA, Mr.Zeifang co-manages the Small Cap Growth
Fund,and co-managed the predecessor portfolio since early 1998.He
joined Wells Capital in 1997 and is currently the Managing Director
of the Small Cap Equity team.As strategy leader,he is responsible
for fundamental security analysis.Prior to Wells Capital,he was a
small cap equity portfolio manager from 1995 to 1997 at Wells Fargo
Bank.He was a Financial Analyst from 1993 to 1995 at Fleet
Investment Advisors,based in Rochester,NY.Mr.Zeifang holds a BS in
Business Administration from St.Bonaventure University and an MBA in
Finance from the University of Rochester's Simon School of
Business.He is a Chartered Financial Analyst.

Variable Trust Prospectus 55
<PAGE>

Glossary
- --------------------------------------------------------------------------------

We provide the following definitions to assist you in reading this Prospectus.
For a more complete understanding of these terms you should consult your
financial advisor.

American Depositary Receipts ("ADRs")
Receipts for non-U.S.company stocks.The stocks underlying ADRs are typically
held in bank vaults.The ADR's owner is entitled to any capital gains or
dividends. ADRs are one way of owning an equity interest in foreign companies.

Asset-Backed Securities
Securities consisting of an undivided fractional interest in pools of consumer
loans,such as car loans or credit card debt,or receivables held in trust.

Below Investment-Grade
Securities rated BB or lower by S&P or Baa or lower by Moody's Investor
Services, or that may be unrated securities or securities considered to be "high
risk."

Business Day
Any day the New York Stock Exchange is open is a business day for the Funds.

Capital Appreciation,Capital Growth
The increase in the value of a security.See also "total return."

Capitalization
When referring to the size of a company,capitalization means the total number of
a company's outstanding shares of stock multiplied by the price per share. This
is an accepted method of determining a company's size and is sometimes referred
to as "market capitalization."

Capital Structure
Refers to how a company has raised money to operate.Can include,for example,
borrowing or selling stock.

Collateralized Mortgage Obligations ("CMOs")
Securities collateralized by portfolios of mortgage pass-through securities.CMOs
are structured into multiple classes,and are paid according to class maturity,
shortest maturities paid first.

Commercial Paper
Debt instruments issued by banks,corporations and other issuers to finance
short-term credit needs.Commercial paper typically is of high credit quality and
offers below market interest rates.

Convertible Debt
Securities Bonds or notes that are exchangeable for equity securities at a set
price on a set date or at the election of the holder.

Current Income
Earnings in the form of dividends or interest as opposed to capital growth.See
also "total return."

Debt Securities
Generally,a promise to pay interest and repay principal by an individual or
group of individuals sold as a security.The owner of the security is entitled to
receive any such payments.Examples include bonds and mortgage-backed securities
and can include securities in which the right to receive interest and principal
repayment have been sold separately.

Derivatives
Securities whose values are derived in part from the value of another security
or index.An example is a stock option.

56 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Distributions
Dividends and/or capital gains paid by a Fund on its shares.

Diversified
A diversified fund,as defined by the Investment Company Act of 1940,is one that
invests in cash, Government securities,other investment companies and no more
than 5% of its total assets in a single issuer.These policies must apply to 75%
of the Funds' total assets.

Dollar-Denominated
Securities issued by foreign banks,companies or governments in U.S.dollars.

Duration
A measure of a security's or portfolio's sensitivity to changes in interest
rates.Duration is usually expressed in years,with longer durations typically
more sensitive to interest rate changes than shorter durations.

Emerging Markets
Markets associated with a country that is considered by international financial
organizations,such as the International Finance Corporation and the
International Bank for Reconstruction and Development,and the international
financial community to have an "emerging" stock market.Such markets may be
under-capitalized,have less-developed legal and financial systems or may have
less stable currencies than markets in the developed world.

Federal Deposit Insurance Corporation ("FDIC")
The Federal Deposit Insurance Corporation.This is the company that provides
federally sponsored insurance covering bank deposits such as savings accounts
and CDs.Mutual funds are not FDIC insured.

FHLMC
FHLMC securities are commonly known as "Freddie Mac" and are issued by the
Federal Home Loan Mortgage Corporation.

FNMA
FNMA securities are commonly known as "Fannie Maes" and are issued by the
Federal National Mortgage Association.

GNMA
GNMA securities are commonly known as "Ginnie Maes" and are issued by the
Government National Mortgage Association.

Hedge
Strategy used to offset investment risk.A perfect hedge is one eliminating the
possibility of future gain or loss.

Illiquid Security
A security that cannot be readily sold at the desired time,or cannot be readily
sold without negatively affecting its fair price.

Initial Public Offering
The first time a company's stock is offered for sale to the public.

Investment-Grade Securities
A type of bond rated in the top four investment categories by a nationally
recognized ratings organization.Generally these are bonds whose issuers are
considered to have a strong ability to pay interest and repay principal,although
some investment-grade bonds may have some speculative characteristics.

Variable Trust Prospectus 57
<PAGE>

Glossary
- --------------------------------------------------------------------------------

Liquidity
The ability to readily sell a security at a fair price.

Money Market Instruments
High-quality short-term instruments meeting the requirements of Rule 2a-
7 of the 1940 Act,such as bankers' acceptances,commercial
paper,repurchase agreements and government obligations.In a money market
fund,average portfolio maturity does not exceed 90 days,and all
investments have maturities of 397 days or less at the time of purchase.

Moody's
A nationally recognized ratings organization.

Nationally Recognized Ratings Organization ("NRRO") A company that
examines the ability of a bond issuer to meet its obligations and which
rates the bonds accordingly.

Net Asset Value ("NAV")
The value of a single fund share.It is determined by adding together all
of a Fund's assets, subtracting accrued expenses and other
liabilities,then dividing by the total number of shares.

Options
An option is the right to buy or sell a security based on an agreed upon
price for at a specified time.For example,an option may give the holder
of a stock the right to sell the stock to another party,allowing the
seller to profit if the price has fallen below the agreed price.Options
may also be based on the movement of an index such as the S&P 500.

Preservation of Capital
The attempt by a fund's manager to defend against drops in the net asset
value of fund shares in order to preserve the initial investment.

Price-to-Earnings Ratio
The ratio between a stock's price and its historical,current or
anticipated earnings.Low ratios typically indicate a high yield.High
ratios are characteristic of growth stocks which generally have low
current yields.

Principal Stability
The degree to which share prices for a fund remain steady.Money market
funds attempt to achieve the highest degree of principal stability by
maintaining a $1.00 per share net asset value.More aggressive funds may
not consider principal stability an objective.

Repurchase Agreement
An agreement between a buyer and seller of a security in which the
seller agrees to repurchase the security at an agreed upon price and
time.

Russell 1000 Index
An index comprised of the 1000 largest firms listed on the Russell 3000
Index.The Russell 3000 Index is a listing of 3000 corporations by the
Frank Russell Company that is intended to be representative of the
U.S.economy.The Russell 1000 is considered a "large cap" index.

Russell 2000 Index
An index comprised of the 2000 smallest firms listed on the Russell 3000
Index.The Russell 3000 Index is a listing of 3000 corporations by the
Frank Russell Company that is intended to be representative of the
U.S.economy.The Russell 2000 is considered a "small cap" index.

58 Variable Trust Prospectus
<PAGE>

Selling Agent
A person who has an agreement with the Funds' distributors that allows
them to sell a Fund's shares.

Shareholder Servicing Agent
Anyone appointed by the Fund to maintain shareholder accounts and
records,assist and provide information to shareholders or perform
similar functions.

Signature Guarantee
A guarantee given by a financial institution that has verified the
identity of the maker of the signature.

S&P,S&P 500 Index
Standard & Poor's,a nationally recognized ratings organization.S&P also
publishes various indexes or lists of companies representative of
sectors of the U.S.economy.

Statement of Additional Information
A document that supplements the disclosure made in the Prospectus.

Stripped Treasury Securities
Debt obligations in which the interest payments and the repayment of
principal are separated and sold as securities.

Total Return
The total value of capital growth and the value of all
distributions,assuming that distributions were used to purchase
additional shares of the Funds.

Turnover Ratio
The percentage of the securities held in a Fund's portfolio,other than
short-term securities,that were bought or sold within a year.

Undervalued
Describes a stock that is believed to be worth more than its current
price.

U.S.Government Obligations
Obligations issued or guaranteed by the U.S.Government,its agencies or
instrumentalities.

Value Strategy
A strategy of investing which tries to identify and buy undervalued
stocks under the assumption that the stock will eventually rise to its
"fair market" value.

Warrants
The right to buy a stock at a set price for a set time.

Weighted Average Maturity
The average maturity for the debt securities in a portfolio on a dollar-
for-dollar basis.
<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENTS:

STATEMENT OF ADDITIONAL INFORMATION
supplements the disclosures made by this Prospectus. The Statement of Additional
Information has been filed with the SEC and incorporated by reference into this
Prospectus and is legally part of this Prospectus.

ANNUAL/SEMI-ANNUAL REPORTS
provide certain financial and other important information, including a
discussion of the market conditions and investment strategies that significantly
affected Fund performance, for the most recent reporting period.

THESE DOCUMENTS ARE AVAILABLE FREE OF CHARGE:
Call: 1-800-222-8222,option 4;

WRITE TO:
Wells Fargo Funds PO Box 8266
Boston, MA 02266-8266; or

Visit the SEC's website at http://www.sec.gov

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room Washington, DC 20549-6009 Call:
1-800-SEC-0330 for details
<PAGE>

[LOGO OF WELLS FARGO FUNDS]

WELLS FARGO VARIABLE TRUST FUNDS

Please read this Prospectus and keep it for future reference. It is designed to
provide you with important information and to help you decide if a Fund's goals
match your own.

Fund shares are NOT deposits or other obligations of, or issued,endorsed or
guaranteed by Wells Fargo Bank, N.A.("Wells Fargo Bank") or any of its
affiliates. Fund shares are NOT insured or guaranteed by the U.S. Government,
the Federal Deposit Insurance Corporation ("FDIC") or any other governmental
agency. AN INVESTMENT IN A FUND INVOLVES CERTAIN RISKS, INCLUDING POSSIBLE LOSS
OF PRINCIPAL.

PROSPECTUS

Asset Allocation Fund
Corporate Bond Fund
Equity Income Fund
Equity Value Fund
Growth Fund
International Equity Fund
Large Company Growth Fund
Small Cap Growth Fund

MAY 1
2000
<PAGE>

<TABLE>
<CAPTION>
Table of Contents Variable Trust Funds
- -----------------------------------------------------------------------------------

<S> <C> <C>
Overview Objectives and Principal Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 10
Funds. Key Information 15

- -----------------------------------------------------------------------------------
The Funds Asset Allocation Fund 16
This section contains important Corporate Bond Fund 20
information about the individual Equity Income Fund 22
Funds. Equity Value Fund 24
Growth Fund 26
International Equity Fund 30
Large Company Growth Fund 32
Small Cap Growth Fund 34
General Investment Risks 37
Organization and Management
of the Funds 43

- -----------------------------------------------------------------------------------
Your Investment Your Account 46
Turn to this section for
information on how to buy
and sell Fund shares.

- -----------------------------------------------------------------------------------
Reference Other Information 47
Look here for additional Table of Predecessors 48
information and term Portfolio Managers 49
definitions. Glossary 52
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
Variable Trust Funds Overview
- --------------------------------------------------------------------------------
See the individual Fund descriptions in this Prospectus for further details.

Words appearing in italicized print and highlighted in color are defined in the
Glossary.
- --------------------------------------------------------------------------------
FUND OBJECTIVE
- --------------------------------------------------------------------------------
<S> <C>

Asset Allocation Fund Seeks long-term total return,
consistent with reasonable risk.

Corporate Bond Fund Seeks a high level of current income
consistent with reasonable risk.

Equity Income Fund Seeks long-term capital appreciation
and above-average dividend income.

Equity Value Fund Seeks long-term capital appreciation.

Growth Fund Seeks long-term capital appreciation.

International Equity Fund Seeks total return, with an emphasis
on capital appreciation over the
long-term.

Large Company Growth Fund Seeks long-term capital appreciation.

Small Cap Growth Fund Seeks long-term capital appreciation.
</TABLE>

4 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------
PRINCIPAL STRATEGY
- --------------------------------------------------------------------------------

We do not select individual securities for investment, rather, we buy
substantially all of the securities of various indexes to replicate the total
return of the index. We use an asset allocation model to allocate and reallocate
assets among common stocks (S&P 500 Index), U.S. Treasury bonds (Lehman Brothers
20+ Bond Index) and money market instruments, operating from a "normal"
allocation of 60% stocks and 40% bonds. We invest in asset classes that we
believe are undervalued in order to achieve better long-term, risk-adjusted
returns.

We invest in equity securities that we believe are undervalued in relation to
the overall stock markets.

Variable Trust Prospectus 5
<PAGE>

Summary of Important Risks
- --------------------------------------------------------------------------------

. the individual Fund Descriptions later in this Prospectus;

. under the "General Investment Risks"section beginning on page 37; and

. in the Funds'Statement of Additional Information.

- --------------------------------------------------------------------------------
COMMON RISKS FOR THE FUNDS
- --------------------------------------------------------------------------------

Equity Securities
The Funds invest in equity securities, which are subject to equity market risk.
This is the risk that stock prices will fluctuate and can decline and reduce
the value of a Fund's portfolio. Certain types of stock and certain individual
stocks selected for a Fund's portfolio may underperform or decline in value
more than the overall market. As of the date of this Prospectus,the equity
markets, as measured by the S&P 500 Index and other commonly used indexes, are
trading at or close to record levels. There can be no guarantee that these
levels will continue. The Funds that invest in smaller companies, in foreign
companies (including investments made through American Depositary Receipts and
similar instruments), and in emerging markets are subject to additional
risks, including less liquidity and greater price volatility. A Fund's
investment in foreign companies and emerging markets are also subject to
special risks associated with international investing, including currency,
political, regulatory and diplomatic risks.

Debt Securities
The Funds may invest some of their assets in debt securities, such as notes and
bonds, which are subject to credit risk and interest rate risk. Credit risk is
the possibility that an issuer of an instrument will be unable to make interest
payments or repay principal. Changes in the financial strength of an issuer or
changes in the credit rating of a security may affect its value. Interest rate
risk is the risk that interest rates may increase,which will reduce the resale
value of instruments in a Fund's investments, including U.S.Government
obligations. Debt securities with longer maturities are generally more
sensitive to interest rate changes than those with shorter maturities.Changes
in market interest rates do not affect the rate payable on debt securities held
in a Fund, unless the instrument has adjustable or variable rate features,
which can reduce interest rate risk. Changes in market interest rates may also
extend or shorten the duration of certain types of instruments, such as asset-
backed securities, thereby affecting their value and the return on your
investment.

6 Variable Trust Prospectus
<PAGE>

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
FUND SPECIFIC RISKS
- -----------------------------------------------------------------------------------------------------------
<S> <C>
The Fund uses an investment model that seeks undervalued asset
classes. There is no guarantee that the asset allocation model will
make accurate determinations or that an asset class we believe is
Asset Allocation Fund undervalued will perform as expected. We may incur higher than
average portfolio turnover resulting from allocation shifts
recommended by the model. Portfolio turnover increases
transaction costs and may trigger capital gains.

We may invest in debt securities that are in low or below investment
grade categories, or are unrated or in default at the time of
purchase. Such debt securities have a much greater risk of default
Corporate Bond Fund (or in the case of bonds currently in default, of not returning
principal) and are more volatile than higher-rated securities of
similar maturity. The value of such debt securities will be affected
by overall economic conditions, interest rates, and the
creditworthiness of the individual issuers. Additionally, these lower
rated debt securities may be less liquid and more difficult to value
than higher rated securities.

Stocks selected for their high dividend income may be more
Equity Income Fund sensitive to interest rate changes than other stocks. This Fund is
primarily subject to the equity securities risks described in the
Common Risks section above.

There is no guarantee that securities selected as "undervalued"will
perform as expected. Stocks of smaller, medium-sized and foreign
Equity Value Fund companies purchased using the value strategy may be more
volatile and less liquid than other comparable securities.

We select growth stocks based on prospects for future earnings,
which may not grow as expected. In addition, at times, the overall
Growth Fund market or the market for value stocks may outperform growth
stocks.
</TABLE>

Variable Trust Prospectus 7
<PAGE>

<TABLE>
<CAPTION>
Summary of Important Risks
- ----------------------------------------------------------------------------------------------------------
FUND SPECIFIC RISKS
- ----------------------------------------------------------------------------------------------------------
<S> <C>
Foreign company stocks involve special risks, including generally
higher commission rates, political, social and monetary or
diplomatic developments that could affect U.S. investments in
foreign countries. Emerging market countries may experience
increased political instability, and are often dependent on
international trade,making them more vulnerable to events in
International Equity Fund other countries. They may have less developed financial systems
and volatile currencies and may be more sensitive than more
mature markets to a variety of economic factors. Emerging market
securities may also be less liquid than securities of more
developed countries, which may make them more difficult to sell,
particularly during a market downturn. Additionally, dispositions
of foreign securities and dividends and interest payable on those
securities may be subject to foreign taxes.

The Fund is primarily subject to the equity market risks described
in the Common Risks section above. Dividend-producing large
company stocks have experienced unprecedented appreciation in
recent years. There is no guarantee such performance levels will
Large Company Growth Fund continue. We select growth stocks based on prospects for future
earnings, which may not grow as expected. In addition, at times,
the overall market or the market for value stocks may outperform
growth stocks.

This Fund may invest in companies that pay low or no dividends,
have smaller market capitalizations, have less market liquidity,
have no or relatively short operating histories, or are newly public
companies. Some of these companies have aggressive capital
structures, including high debt levels, or are involved in rapidly
growing or changing industries and/or new technologies. Because
the Fund may invest in such aggressive securities, share prices
Small Cap Growth Fund may rise and fall more than the share prices of other funds. In
addition, our active trading investment strategy may result in a
higher-than-average portfolio turnover ratio, increased trading
expenses, and higher short-term capital gains. We select stocks for
this Fund based in part on their prospects for future earnings,
which may not grow as expected. In addition, at times, the overall
market or the market for value stocks may outperform growth
stocks.
</TABLE>

8 Variable Trust Prospectus
<PAGE>

Performance History
- --------------------------------------------------------------------------------

The information on the following pages shows you how each Fund has
performed and illustrates the variability of a Fund's returns over
time.Each Fund's average annual returns for one-year,five-year and since
inception periods are compared to the performance of an appropriate broad-
based index.Please remember that past performance is no guarantee of future
results.The performance for the Funds in this Prospectus do not reflect
fees charged by your variable life insurance/annuity certificate or
contract.If they did,returns would be lower.

The Corporate Bond Fund, International Equity Fund and Large Company Growth
Fund have not been in operation for at least a calendar
year,therefore,performance information is not shown for these Funds.

Asset Allocation Fund Calendar Year Returns (%)

[GRAPH]

'95 28.95
'96 11.46
'97 20.88
'98 25.26
'99 9.33

Best Qtr.: Q4 `98 . 15.86% Worst Qtr.: Q3 `98 . -5.38%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception
WFVT Asset Allocation Fund (Incept.4/15/94) 9.33 18.93 16.61
S&P 500 Index1 21.04 28.56 25.66
LB Gov't./Corp.Bond Index2 -2.15 7.61 6.76

1 S&P 500 is a registered trademark of Standard & Poor's.
2 Lehman Brothers Government/Corporate Bond Index.

Variable Trust Prospectus 9
<PAGE>

Performance History
- --------------------------------------------------------------------------------

Equity Income Fund Calendar Year Returns (%)

[GRAPH]

'97 26.90
'98 18.42
'99 7.90

Best Qtr.: Q4 `98 . 15.63% Worst Qtr.: Q3 `98 . -9.73%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year Inception
WFVT Equity Income Fund (Incept.5/6/96) 7.90 17.14
S&P 500 Index1 21.04 26.75

1 S&P 500 is a registered trademark of Standard & Poor's.

10 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Equity Value Fund Calendar Year Returns (%)

[GRAPH]

'99 -2.48

Best Qtr.: Q2 `99 . 10.87% Worst Qtr.: Q3 `99 . -13.64%

Average annual total return (%)
Since
for the period ended 12/31/99 year Inception
WFVT Equity Value Fund (Incept.5/1/98) -2.48 -3.73
S&P 500 Index1 21.04 19.80

1 S&P 500 is a registered trademark of Standard & Poor's.

Variable Trust Prospectus 11
<PAGE>

Performance History
- --------------------------------------------------------------------------------

Growth Fund Calendar Year Returns (%)

[GRAPH]
'95 29.19
'96 22.44
'97 17.33
'98 28.81
'99 20.41

Best Qtr.: Q4 `98 . 22.93% Worst Qtr.: Q3 `98 . -10.40%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year 5 years Inception
WFVT Growth Fund (Incept.4/12/94) 20.41 23.55 21.22
S&P 500 Index1 21.04 28.56 25.54

1 S&P 500 is a registered trademark of Standard & Poor's.

12 Variable Trust Prospectus
<PAGE>

Small Cap Growth Fund Calendar Year Returns (%)

[GRAPH]
'96 31.47
'97 9.87
'98 -14.47
'99 66.27

Best Qtr.: Q4 `99 . 67.19% Worst Qtr.: Q3 `98 . -27.93%

Average annual total return (%)
Since
for the period ended 12/31/99 1 year Inception
WFVT Small Cap Growth Fund (Incept.5/17/95) 66.27 20.41
Russell 2000 Index 21.26 16.19

Variable Trust Prospectus 13
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------
<PAGE>

Key Information
- --------------------------------------------------------------------------------

Important information you should look for as you decide to invest in a
Fund:

The summary information on the previous pages is designed to provide you
with an overview of each Fund. The sections that follow provide more
detailed information about the investments and management of each Fund.

---------------------------------------------------------------------------

Investment Objective and Investment Strategies

The investment objective of each Fund in this Prospectus is non-
fundamental, that is, it can be changed by a vote of the Board of Trustees
alone. The objectives and strategies descriptions for each Fund tell you:

. what the Fund is trying to achieve;

. how we intend to invest your money; and

. what makes a Fund different from the other Funds offered in this
Prospectus.

---------------------------------------------------------------------------

Permitted Investments
A summary of the Fund's key permitted investments and practices.

---------------------------------------------------------------------------

Important Risk Factors
Describes the key risk factors for the Fund, and includes risks described
in the "Summary of Important Risks" and "General Investment Risks"
sections.

Words appearing in italicized print and highlighted in color are defined in
the Glossary.

Variable Trust Prospectus 15
<PAGE>

Asset Allocation Fund
- --------------------------------------------------------------------------------

Investment Objective
The Asset Allocation Fund seeks long-term total return, consistent with
reasonable risk.

---------------------------------------------------------------------------

Investment Strategies
We allocate and reallocate assets among common stocks, U.S. Treasury Bonds
and money market instruments. This strategy is based on the premise that
asset classes are at times undervalued or overvalued in comparison to one
another and that investing in undervalued asset classes offers better long-
term, risk-adjusted returns.

---------------------------------------------------------------------------

Permitted Investments
The asset classes we invest in are:

. Stock Investments--We invest in common stocks to replicate the S&P 500
Index. We do not individually select common stocks on the basis of
traditional investment analysis. Instead, we invest in each company
comprising the S&P 500 Index in proportion to its weighting in the S&P
500 Index to match the total return of the S&P 500 Index as closely as
possible;

. Bond Investments--We invest in U.S. Treasury Bonds to replicate the
Lehman Brothers 20+ Bond Index. Bonds in this Index have remaining
maturities of twenty years or more;and

. Money Market Investments--We invest this portion of the Fund in high-
quality money market instruments, including U.S. Government
obligations, obligations of foreign and domestic banks, short-term
corporate debt instruments and repurchase agreements.

In addition, under normal market conditions, we may invest:

. In call and put options on stock indexes, stock index futures, options on
stock index futures, and interest rate futures contracts as a substitute
for a comparable market position in stocks or bonds;

. In interest rate and index swaps; and

. Up to 25% of total assets in foreign obligations qualifying as money
market investments.

We manage the allocation of investments in the Fund's portfolio assuming a
"normal" allocation of 60% stocks and 40% bonds. This is not a "target"
allocation but rather a measure of the level of risk tolerance for the
Fund.

We are not required to keep a minimum investment in any of the three asset
classes described above, nor are we prohibited from investing substantially
all of our assets in a single class. The allocation may shift at any
time. We may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, repurchase agreements
and other short-term investments, to maintain liquidity or when we believe
it is in the best interests of shareholders to do so. During such periods,
the Fund may not achieve its objective of long-term total return. The Fund
is a diversified portfolio.

16 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Important Risk Factors

Foreign obligations may entail additional risks, such as currency, political,
regulatory and diplomatic risks, which are described in more detail in the
General Investment Risks section below. The value of investments in options on
stock indexes and stock index futures is affected by price movements for the
stocks in a particular index, rather than price movements for an individual
security.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 37; and the specific risks
listed here. They are all important to your investment choice.

Variable Trust Prospectus 17
<PAGE>

Asset Allocation Fund
- --------------------------------------------------------------------------------

This table is intended to help you understand the Fund's financial performance
for the past 5 years (or since inception,if shorter). Total returns represent
the rate that you would have earned (or lost) on an investment in the fund
(assuming reinvestment of all dividends and distributions). KPMG LLP audited
this information which, along with their report and the Fund's financial
statements,is available upon request in the Fund's annual report.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- ------------------------------------------------------------------------------------------------------------------
Dec. 31,
For the period ended: 1999
----------------------
<S> <C>
Net asset value,beginning of period $13.45

Income from investment operations:
Net investment income (loss) 0.27
Net realized and unrealized gain (loss)
on investments 0.97

Total from investment operations 1.24

Less distributions:
Dividends from net investment income (0.26)
Distributions from net realized gain (0.01)

Total from distributions (0.27)

Net asset value,end of period $14.42

Total return1 9.33%

Ratios/supplemental data:
Net assets,end of period (000s) $240,671

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.97%
Ratio of net investment income (loss)
to average net assets 2.05%

Portfolio turnover 30%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.17%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
1 Total return calculations do not include any sales charges,and would have been
lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of
the variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

18 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

0.34 0.60 0.56 0.55

2.60 1.73 0.69 2.21

2.94 2.33 1.25 2.76

(0.34) (0.60) (0.56) (0.55)
(1.14) (1.16) (0.54) (0.65)

(1.48) (1.76) (1.10) (1.20)
$13.45 $ 11.99 $ 11.42 $ 11.27

25.26% 20.88% 11.46% 28.95%

$156,241 $86,506 $51,797 $25,467

0.92% 0.80% 0.69% 0.41%

2.62% 5.20% 5.34% 5.58%

29% 156% 4% 97%

1.11% 0.85% 0.80% 1.22%

Variable Trust Prospectus 19
<PAGE>

Corporate Bond Fund
- --------------------------------------------------------------------------------

Portfolio Managers: N. Graham Allen, FCMA; John W. Burgess; Jacqueline
A. Flippin; Daniel J. Kokoszka, CFA; Scott Smith, CFA

---------------------------------------------------------------------------
Investment Objective
The Corporate Bond Fund seeks a high level of current income, consistent
with reasonable risk.

---------------------------------------------------------------------------
Investment Strategies

We seek a high level of current income by actively managing a diversified
portfolio consisting primarily of corporate debt securities. When
purchasing these securities we consider, among other things, the yield
differences for various corporate sectors, and the current economic cycle's
potential effect on the various types of bonds. We may invest in securities
of any maturity. Under normal market conditions, we expect to maintain a
dollar-weighted average maturity for portfolio securities of between 10 and
15 years. We also may invest in U.S. Government obligations.

---------------------------------------------------------------------------
Permitted Investments
Under normal market conditions, we invest:

. at least 65% of our total assets in corporate debt securities;

. in U.S. Government obligations;

. up to 25% of our total assets in debt securities that are below
investment grade; and

. up to 25% of our total assets in securities of foreign issuers.

---------------------------------------------------------------------------
Important Risk Factors
We may invest in securities regardless of their rating, or in securities
that are unrated or in default at the time of purchase.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 37; and the specific
risks listed here. They are all important to your investment choice.

20 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------
FUND COMMENCED
ON SEPT.20,1999
-------------------
Dec. 31,
For the period ended: 1999
-------------------
Net asset value, beginning of period $ 10.00

Income from investment operations:
Net investment income (loss) 0.16
Net realized and unrealized gain (loss)
on investments (0.18)

Total from investment operations (0.02)

Less distributions:
Dividends from net investment income (0.16)
Distributions from net realized gains 0.00

Total from distributions (0.16)

Net asset value, end of period $ 9.82

Total return (not annualized)1 (0.16%)

Ratios/supplemental data:
Net assets, end of period (000s) $68,423

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.90%
Ratio of net investment income (loss) to
average net assets 5.87%

Portfolio turnover 59%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.25%
- --------------------------------------------------------------------------------
1 Total return calculations do not include any sales charges,and would have been
lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of
the variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 21
<PAGE>

Equity Income Fund
- -------------------------------------------------------------------------------

Portfolio Managers: David L. Roberts, CFA; Gary J. Dunn, CFA

---------------------------------------------------------------------------

Investment Objective
The Equity Income Fund seeks long-term capital appreciation and above-
average dividend income.

---------------------------------------------------------------------------

Investment Strategies
We invest primarily in the common stock of large, high-quality domestic
companies that have above-average return potential based on current market
valuations. We primarily emphasize investments in securities of companies
with above-average dividend income. We use various valuation measures when
selecting securities for the portfolio, including above-average dividend
yields and below industry average price-to-earnings, price-to-book and
price-to-sales ratios. We consider "large" companies to be those whose
market capitalization is greater than the median of the Russell 1000 Index.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 65% of total assets in income-producing equity securities; and

. in issues of companies with market capitalization greater than the median
of the Russell 1000 Index (as of December 31, 1999, this median was
approximately $4 billion; the median is expected to change frequently).

We may invest in preferred stocks, convertible securities, and securities
of foreign companies. We will normally limit our investment in a single
issuer to 10% or less of our total assets.

We may temporarily hold assets in cash or in money market
instruments, including U.S. Government obligations, shares of other mutual
funds and repurchase agreements, or make other short-term investments,
either to maintain liquidity or for short-term defensive purposes when we
believe it is in the best interests of shareholders to do so. During these
periods, the Fund may not achieve its objective of long-term capital
appreciation and above-average dividend income.

---------------------------------------------------------------------------

Important Risk Factors
Stocks selected for their high dividend yields may be more sensitive to
interest rate changes than other stocks.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 37; and the specific
risks listed here. They are all important to your investment choice.

22 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

FOR A SHARE OUTSTANDING
- ------------------------------------------------------------------------------------------------------------------------------------

FUND COMMENCED
ON MAY 6, 1996
--------------------------------------------------------------------------

Dec. 31, Dec. 31, Dec. 31, Dec. 31,
For the period ended: 1999 1998 1997 1996
--------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.00 $ 13.68 $ 10.91 $10.00

Income from investment operations:
Net investment income (loss) 0.17 0.18 0.14 0.08
Net realized and unrealized gain (loss)
on investments 1.09 2.34 2.79 0.92

Total from investment operations 1.26 2.52 2.93 1.00

Less distributions:
Dividends from net investment income (0.17) (0.18) (0.14) (0.08)
Distributions from net realized gain 0.00 (0.02) (0.02) (0.01)

Total from distributions (0.17) (0.20) (0.16) (0.09)

Net asset value, end of period $ 17.09 $ 16.00 $ 13.68 $10.91

Total return (not annualized)1 7.90% 18.42% 26.90% 9.95%

Ratios/supplemental data:
Net assets, end of period (000s) $127,793 $86,069 $39,888 $9,415

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 0.86% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to
average net assets 1.16% 1.47% 1.85% 2.31%

Portfolio turnover 5% 1% 3% 4%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.12% 1.10% 1.34% 2.51%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 23
<PAGE>

Equity Value Fund
- --------------------------------------------------------------------------------

Portfolio Managers: Allan White; Allen Wisniewski, CFA; Gregg Giboney, CFA

---------------------------------------------------------------------------

Investment Objective
The Equity Value Fund seeks long-term capital appreciation.

---------------------------------------------------------------------------

Investment Strategies
We seek long-term capital appreciation by investing in a diversified
portfolio composed primarily of equity securities that are trading at low
price-to-earnings ratios, as measured against the stock market as a whole
or against the individual stock's own price history. In addition we look at
the price-to-book value and price-to-cash flow ratios of companies for
indications of attractive valuation. We use both quantitative and
qualitative analysis to identify possible investments. Dividends are a
secondary consideration when selecting stocks. We may purchase particular
stocks when we believe that a history of strong dividends may increase
their market value.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. primarily in common stocks of both large, well-established companies and
smaller companies with market capitalization exceeding $50 million at the
time of purchase;

. in debt securities that may be converted into the common stock of both
U.S. and foreign companies; and

. up to 25% of our assets in foreign companies through American Depositary
Receipts and similar instruments.

We may also purchase convertible debt securities with the same
characteristics as common stock, as well as in preferred stock and
warrants.

We may temporarily hold assets in cash or in money market instruments,
including U.S. Government obligations, shares of other mutual funds and
repurchase agreements, or make short-term investments, either to maintain
liquidity or for short-term defensive purposes when we believe it is in the
best interests of shareholders. During such periods, the Fund may not
achieve its objective of long-term capital appreciation.

---------------------------------------------------------------------------

Important Risk Factors
There is no guarantee that securities selected as "undervalued" will
perform as expected. Stocks of smaller, medium-sized and foreign companies
purchased using the value approach may be more volatile and less liquid
than other comparable securities.

You should consider the "Summary of Important Risks" section on page 6, the
"General Investment Risks" section beginning on page 37, and the specific
risks listed here. They are all important to your investment choice.

24 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- ----------------------------------------------------------------------------------------------------------
FUND COMMENCED
ON MAY 1,1998
-----------------------------------------
Dec. 31, Dec. 31,
For the period ended: 1999 1998
-----------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 9.55 $ 10.00

Income from investment operations:
Net investment income (loss) 0.08 0.07
Net realized and unrealized gain (loss)
on investments (0.32) (0.45)

Total from investment operations (0.24) (0.38)

Less distributions:
Dividends from net investment income (0.08) (0.07)
Distributions from net realized gains 0.00 0.00

Total from distributions (0.08) (0.07)

Net asset value, end of period $ 9.23 $ 9.55

Total return (not annualized)1 (2.48%) (3.76%)

Ratios/supplemental data:
Net assets, end of period (000s) $26,567 $11,072

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.06% 1.09%
Ratio of net investment income (loss) to
average net assets 0.96% 1.54%

Portfolio turnover 139% 27%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.53% 2.52%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 25
<PAGE>

Growth Fund
- --------------------------------------------------------------------------------

Portfolio Manager: Kelli Hill

---------------------------------------------------------------------------

Investment Objective
The Growth Fund seeks long-term capital appreciation.

---------------------------------------------------------------------------

Investment Strategies
We seek long-term capital appreciation by investing primarily in common
stocks and other equity securities and we look for companies that have a
strong earnings growth trend that we believe have above-average prospects
for future growth. We focus our investment strategy on larger
capitalization stocks.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:
. at least 65% of total assets in equity securities, including common and
preferred stocks, and securities convertible into common stocks;

. the majority of total assets in issues of companies with market
capitalization that falls within, but towards the higher end of, the
range of the Russell 1000 Index, an index comprised of the 1,000 largest
U.S. companies based on total market capitalization, that is considered
a mid-capitalization index (As of December 31, 1999, this range was from
$220 million to $604 billion. The range is expected to change
frequently. ); and

. up to 25% of total assets in foreign companies through American
Depositary Receipts ("ADRs") and similar instruments.

---------------------------------------------------------------------------

Important Risk Factors
This Fund is primarily subject to the risks associated with equity
securities, including foreign equity and mid-capitalization equity
securities, described under Common Risks in the "Summary of Important
Risks" section. The advisor selects growth stocks based on prospects for
future earnings, which may not grow as expected. In addition, at times, the
overall market or the market for value stocks may outperform growth stocks.

You should consider the "Summary of Important Risks" section on page 6; the
"General Investment Risks" section beginning on page 37; and the specific
risks listed here. They are all important to your investment choice.

26 Variable Trust Prospectus
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------
<PAGE>

Growth Fund
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------

----------------------
Dec. 31,
For the period ended: 1999
----------------------
Net asset value, beginning of period $20.05

Income from investment operations:
Net investment income (loss) 0.02
Net realized and unrealized gain (loss)
on investments 4.06

Total from investment operations 4.08

Less distributions:
Dividends from net investment income (0.03)
Distributions from net realized gain 0.00

Total from distributions (0.03)

Net asset value, end of period $24.10

Total return1 20.41%

Ratios/supplemental data:
Net assets, end of period (000s) $128,495

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.07%
Ratio of net investment income (loss) to
average net assets 0.11%

Portfolio turnover 54%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.27%
- --------------------------------------------------------------------------------
1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the period
shown. Total return figures do not reflect charges pursuant to the terms of the
variable life insurance policies and variable annuity contracts funded by
separate accounts that invest in the Fund's shares.

28 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

0.09 0.19 0.20 0.22

4.65 2.48 2.68 2.77

4.74 2.67 2.88 2.99

(0.09) (0.19) (0.20) (0.22)
(1.39) (1.03) (0.25) (0.16)

(1.48) (1.22) (0.45) (0.38)

$20.05 $ 16.79 $ 15.34 $ 12.91

28.81% 17.33% 22.44% 29.19%

$100,927 $71,944 $33,381 $10,920

1.04% 0.65% 0.60% 0.43%

0.51% 1.19% 1.53% 2.05%

69% 124% 95% 84%

1.18% 1.01% 1.12% 2.02%

Variable Trust Prospectus 29
<PAGE>

International Equity Fund*
- --------------------------------------------------------------------------------

Portfolio Managers: Katherine Schapiro, CFA; Stacey Ho, CFA

---------------------------------------------------------------------------

Investment Objective
The International Equity Fund seeks total return, with an emphasis on
capital appreciation, over the long-term, by investing primarily in equity
securities of non-U.S. companies.

---------------------------------------------------------------------------

Investment Strategies
We actively manage a diversified portfolio of equity securities of
companies based in developed non-U.S. countries and in emerging markets of
the world. We expect that the securities we hold will be traded on a stock
exchange or other market in the country in which the issuer is based, but
they also may be traded in other countries, including the U.S.

We apply a fundamentals-driven, value-oriented analysis to identify
companies with above-average potential for long-term growth. The financial
data we examine includes both the company's historical performance results
and its projected future earnings. Among other key criteria we consider are
a company's local, regional or global franchise; history of effective
management demonstrated by expanding revenues and earnings growth; prudent
financial and accounting policies and ability to take advantage of a
changing business environment.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 80% of total assets in equity securities of companies located or
operating outside the U.S.;

. in a minimum of five countries exclusive of the U.S.;

. up to 50% of total assets in any one country;

. up to 25% of total assets in emerging markets;

. in issuers with an average market capitalization of $10 billion or
more, although we may invest in equity securities of issuers with market
capitalization as low as $250 million; and

. in equity securities including common stocks, and preferred stocks, and
in warrants, convertible debt securities, American Depositary Receipts
("ADRs"), Government Depositary Receipts ("GDRs") (and similar
instruments) and shares of other mutual funds.

Although it is not our intention to do so, we reserve the right to hedge
the portfolio's foreign currency exposure by purchasing or selling foreign
currency futures and forward foreign currency contracts.

We may temporarily hold assets in cash or in money market instruments,
including U.S. Government obligations, shares of other mutual funds and
repurchase agreements, or make other short-term investments, either to
maintain liquidity or for short-term defensive purposes when we believe it
is in the best interests of shareholders to do so. We may also, for
temporary defensive purposes, invest without limit in cash, short-term debt
and equity securities of U.S. companies when we believe it is in the best
interests of shareholders to do so. During these periods, the Fund may not
achieve its objective of total return, with an emphasis on capital
appreciation.

* This Fund will commence operations on July 3, 2000.

30 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a result
of adverse changes in currency exchange rates or other developments in the
issuer's home country. Concentrated investment in any single country, especially
a less developed country, would make the Fund's value more sensitive to
economic, currency and regulatory changes within that country. Emerging market
countries are often dependent on international trade and are therefore often
vulnerable to events in other countries. They may have less developed financial
systems and volatile currencies and may be more sensitive than more mature
markets to a variety of economic factors. Emerging market securities may also be
less liquid than securities of more developed countries, which may make them
more difficult to sell, particularly during a market downturn.

You should consider the "Summary of Important Risks" section on page 6, the
"General Investment Risks" section beginning on page 37, and the specific risks
listed here. They are all important to your investment choice.

Variable Trust Prospectus 31
<PAGE>

Large Company Growth Fund
- --------------------------------------------------------------------------------

Portfolio Managers: John S. Dale, CFA; Gary E. Nussbaum, CFA

---------------------------------------------------------------------------

Investment Strategies
We consider "large" companies to be those whose market capitalization is
greater than the median of the Russell 1000 Index, which, as of December
31, 1999, was approximately $4 billion, and is expected to change
frequently. In selecting securities for the Fund, we seek issuers whose
stock is attractively valued with fundamental characteristics that are
significantly better than the market average and that support internal
earnings growth capability. We may invest in the securities of companies
whose growth potential we believe is generally unrecognized or misperceived
by the market.

---------------------------------------------------------------------------

Permitted Investments
We will not invest more than 10% of the Fund's total assets in the
securities of a single issuer. We may invest up to 20% of the Fund's total
assets in the securities of foreign companies and may hedge against
currency risk by using foreign currency forward contracts.

---------------------------------------------------------------------------

Important Risk Factors
Foreign company stocks may lose value or be more difficult to trade as a
result of adverse changes in currency exchange rates or other developments
in the issuer's home country. Concentrated investment in any single
country, especially a less developed country, would make the Fund's value
more sensitive to economic, currency and regulatory changes within that
country. Emerging market countries are often dependent on international
trade and are therefore often vulnerable to events in other countries. They
may have less developed financial systems and volatile currencies and may
be more sensitive than more mature markets to a variety of economic
factors. Emerging market securities may also be less liquid than securities
of more developed countries, which may make them more difficult to
sell, particularly during a market downturn.

We select growth stocks based on prospects for future earnings, which may
not grow as expected. In addition, at times, the overall market or the
market for value stocks may outperform growth stocks.

You should consider the "Summary of Important Risks" section on page 6, the
"General Investment Risks" section beginning on page 37, and the specific
risks listed above. They are all important to your investment choice.

32 Variable Trust Prospectus
<PAGE>

Financial Highlights
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- --------------------------------------------------------------------------------
FUND COMMENCED
ON SEP. 20, 1999
-------------------------
Dec. 31,
For the period ended: 1999
-------------------------
Net asset value, beginning of period $ 10.00

Income from investment operations:
Net investment income (loss) (0.01)
Net realized and unrealized gain (loss)
on investments 2.04

Total from investment operations 2.03

Less distributions:
Dividends from net investment income 0.00
Distributions from net realized gains 0.00

Total from distributions 0.00

Net asset value, end of period $ 12.03

Total return (not annualized)1 20.30%

Ratios/supplemental data:
Net assets, end of period (000s) $50,988

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.00%
Ratio of net investment income (loss) to
average net assets (0.47%)

Portfolio turnover 0%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.43%

1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
period shown. Total return figures do not reflect charges pursuant to the
terms of the variable life insurance policies and variable annuity contracts
funded by separate accounts that invest in the Fund's shares.

Variable Trust Prospectus 33
<PAGE>

Small Cap Growth Fund
- --------------------------------------------------------------------------------

Portfolio Manager: Thomas Zeifang, CFA; Christopher Greene

---------------------------------------------------------------------------

Investment Objective
The Small Cap Growth Fund seeks long-term capital appreciation.

---------------------------------------------------------------------------

Investment Strategies
We actively manage a diversified portfolio of common stocks issued by
companies whose market capitalization falls within the range of the Russell
2000 Index. As of December 31, 1999, the range was $10 million to $13
billion, but it is expected to change frequently. We will sell the stock of
any company whose market capitalization exceeds the range of this index for
sixty consecutive days.

We invest in the common stocks of domestic and foreign companies we believe
have above-average prospects for capital growth, or that may be involved in
new or innovative products, services and processes.

---------------------------------------------------------------------------

Permitted Investments
Under normal market conditions, we invest:

. at least 65% of total assets in an actively managed, broadly diversified
portfolio of small cap growth-oriented common stocks;

. in at least 20 common stock issues spread across multiple industry groups
and sectors of the economy;

. up to 40% of total assets in initial public offerings or recent start-ups
and newer issues; and

. no more than 25% of total assets in foreign companies through American
Depositary Receipts or similar issues.

---------------------------------------------------------------------------

Important Risk Factors
This Fund is designed for investors willing to assume above-average risk.
We may invest in companies that:

. pay low or no dividends;

. have smaller market capitalization;

. have less market liquidity;

. have no or relatively short operating histories, or are new public
companies or are initial public offerings, whose stocks are typically
more volatile than stocks of more seasoned companies;

. have aggressive capital structures including high debt levels; or

. are involved in rapidly growing or changing industries and/or new
technologies.

34 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Because we invest in aggressive securities, share prices may rise and fall more
than the share prices of other funds. In addition, our active trading investment
strategy may result in a higher-than-average portfolio turnover ratio, increased
trading expenses, and higher short-term capital gains. Stocks of foreign
companies, whether purchased directly or through American Depositary Receipts,
may be more volatile and less liquid than other comparable securities.

Variable Trust Prospectus 35
<PAGE>

Small Cap Growth Fund Financial Highlights
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING
- -----------------------------------------------------------------------------------------------------------------------------------
FUND COMMENCED
ON MAY 1, 1995
-------------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
For the period ended: 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.88 $ 12.77 $ 13.50 $11.21 $10.00

Income from investment operations:
Net investment income (loss) (0.04) 0.03 0.01 0.02 0.06
Net realized and unrealized gain (loss)
on investments 7.25 (1.89) 1.24 3.51 1.54

Total from investment operations 7.21 (1.86) 1.25 3.53 1.60

Less distributions:
Dividends from net investment income 0.00 (0.03) (0.01) (0.02) (0.06)
Distributions from net realized gain 0.00 0.00 (1.59) (1.22) (0.33)
Return of capital distribution 0.00 0.00 (0.38) 0.00 0.00

Total from distributions 0.00 (0.03) (1.98) (1.24) (0.39)

Net asset value, end of period $ 18.09 $ 10.88 $ 12.77 $13.50 $11.21

Total return (not annualized)1 66.27% (14.47%) 9.87% 31.47% 15.95%

Ratios/supplemental data:
Net assets, end of period (000s) $23,819 $13,295 $11,482 $6,091 $2,027

Portfolio turnover 314% 135% 209% 195% 51%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.94% 1.51% 1.88% 2.82% 5.38%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
period shown. Total return figures do not reflect charges pursuant to the
terms of the variable life insurance policies and variable annuity contracts
funded by separate accounts that invest in the Fund's shares.

36 Variable Trust Prospectus
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

Understanding the risks involved in mutual fund investing will help you
make an informed decision that takes into account your risk tolerance and
preferences. You should carefully consider the risks common to investing in
all mutual funds, including Wells Fargo Variable Trust Funds. Certain
common risks are identified in the Summary of Important Risks on page 6.
Other risks of mutual fund investing include the following:

. Unlike bank deposits, such as CDs or savings accounts, mutual funds are
not insured by the FDIC.

. We cannot guarantee that we will meet our investment objectives.

. We do not guarantee the performance of a Fund, nor can we assure you
that the market value of your investment will not decline. We will not
"make good" any investment loss you may suffer, nor can anyone we
contract with to provide certain services, such as selling agents or
investment advisors, offer or promise to make good any such losses.

. Share prices--and therefore the value of your investment--will increase
and decrease with changes in the value of the underlying securities and
other investments. This is referred to as price volatility.

. Investing in any mutual fund, including those deemed conservative,
involves risk, including the possible loss of any money you invest.

. An investment in a single Fund, by itself, does not constitute a
complete investment plan.

. The Funds that invest in smaller companies, foreign companies (including
investments made through American Depositary Receipts and similar
instruments), and in emerging markets are subject to additional
risks, including less liquidity and greater price volatility. A Fund's
investment in foreign and emerging markets may also be subject to
special risks associated with international trade, including
currency, political, regulatory and diplomatic risk.

. The Funds may invest a portion of their assets in U.S. Government
obligations. It is important to recognize that the U.S. Government does
not guarantee the market value or current yield of those obligations.
Not all U.S. Government obligations are backed by the full faith and
credit of the U.S. Treasury, and the U.S. Government's guarantee does
not extend to the Funds themselves.

. The Funds may also use certain derivative instruments, such as options
or futures contracts. The term "derivatives" covers a wide number of
investments, but in general it refers to any financial instrument whose
value is derived, at least in part, from the price of another security
or a specified index, asset or rate. Some derivatives may be more
sensitive to interest rate changes or market moves, and some may be
susceptible to changes in yields or values due to their structure or
contract terms.

. The Funds also may invest a portion of their assets in GNMAs, FNMAs and
FHLMCs. Each are mortgage-backed securities representing partial
ownership of a pool of residential mortgage loans. A "pool" or group of
such mortgages is assembled and, after being approved by the issuing
entity, is offered to invest through securities dealers. Mortgage-backed
securities are subject to prepayment risk, which can alter the maturity
of the securities and also reduce the rate of return on such
investments. Collateralized mortgage obligations ("CMOs") represent
principal-only and interest-only portions of such securities that are
subject to increased interest-rate and credit risk.

Variable Trust Prospectus 37
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

. The Funds may enter into forward currency exchange contracts ("forward
contracts") to try to reduce currency exchange risks to the Funds from
foreign securities investments. A forward contract is an obligation to
buy or sell a specific currency for an agreed price at a future date
which is individually negotiated and privately traded by currency
traders and their customers.

. The market value of lower-rated debt securities, also known as "junk
bonds," and unrated securities tends to reflect individual developments
affecting the issuer to a greater extent than the market value of
higher-rated securities, which react primarily to fluctuations in the
general level of interest rates. Lower-rated securities also tend to be
more sensitive to economic conditions than higher-rated securities.
These lower-rated debt securities are considered by the rating agencies,
on balance, to be predominantly speculative with respect to the issuer's
capacity to pay interest and repay principal in accordance with the
terms of the obligation and generally involve more credit risk than
securities in higher-rating categories. Even securities rated "BBB" by
S&P or "Baa" by Moody's, ratings which are considered investment-grade,
possess some speculative characteristics.

Investment practices and risk levels are carefully monitored. Every attempt
is made to ensure that the risk exposure for each Fund remains within the
parameters of its objective.

What follows is a general list of the types of risks (some of which are
described previously) that may apply to a given Fund and a table showing
some of the additional investment practices that each Fund may use and the
risks associated with them. Additional information about these practices is
available in the Statement of Additional Information.

Counter-Party Risk--The risk that the other party in a repurchase agreement
or other transaction will not fulfill its contract obligation.

Credit Risk--The risk that the issuer of a debt security will be unable to
make interest payments or repay principal on schedule. If an issuer does
default, the affected security could lose all of its value, or be
renegotiated at a lower interest rate or principal amount. Affected
securities might also lose liquidity. Credit risk also includes the risk
that a party in a transaction may not be able to complete the transaction
as agreed.

Currency Risk--The risk that a change in the exchange rate between
U.S. dollars and a foreign currency may reduce the value of an investment
made in a security denominated in that foreign currency.

Diplomatic Risk--The risk that an adverse change in the diplomatic
relations between the United States and another country might reduce the
value or liquidity of investments in either country.

Emerging Market Risk--The risk that the emerging market, as defined in the
glossary, may be more sensitive to certain economic changes. For example,
emerging market countries are often dependent on international trade and
are therefore often vulnerable to recessions in other countries. They may
have obsolete financial systems, have volatile currencies and may be more
sensitive than more mature markets to a variety of economic factors.
Emerging market securities may also be less liquid than securities of more
developed countries and could be difficult to sell, particularly during a
market downturn.

Experience Risk--The risk presented by a new or innovative security. The
risk is that insufficient experience exists to forecast how the security's
value might be affected by various economic conditions.

Information Risk--The risk that information about a security is either
unavailable, incomplete or is inaccurate.

38 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Interest Rate Risk--The risk that changes in interest rates can reduce the
value of an existing security. Generally, when interest rates increase, the
value of a debt security decreases. The effect is usually more pronounced
for securities with longer maturities.

Leverage Risk--The risk that an investment practice, such as lending
portfolio securities or engaging in forward commitment or when-issued
securities transactions, may increase a Fund's exposure to market
risk, interest rate risk or other risks by, in effect, increasing assets
available for investment.

Liquidity Risk--The risk that a security cannot be sold at the time
desired, or cannot be sold without adversely affecting the price.

Market Risk--The risk that the value of a stock, bond or other security
will be reduced by market activity. This is a basic risk associated with
all securities.

Political Risk--The risk that political actions, events or instability may
be unfavorable for investments made in a particular nation's or region's
industry, government or markets.

Prepayment Risk--The risk that consumers will prepay mortgage loans, which
can alter the maturity of a mortgage-backed security, increase interest-
rate risk, and reduce rates of return.

Regulatory Risk--The risk that changes in government regulations will
adversely affect the value of a security. Also the risk that an
insufficiently regulated market might permit inappropriate trading
practices.

In addition to the general risks discussed above, you should carefully
consider and evaluate any special risks that may apply to investing in a
particular Fund. See the "Important Risk Factors" section in the summary
for each Fund. You should also see the Statements of Additional Information
for additional information about the investment practices and risks
particular to each Fund.

Variable Trust Prospectus 39
<PAGE>

General Investment Risks
- --------------------------------------------------------------------------------

Investment practices and risk levels are carefully monitored. We attempt to
ensure that the risk exposure for each Fund remains within the parameters of its
objective.

Remember, each Fund is designed to meet different investment needs and
objectives.

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
ASSET CORPORATE EQUITY EQUITY
ALLOCATION BOND INCOME VALUE GROWTH
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for Leverage Risk . . . . .
temporary purposes to meet shareholder
redemptions.

Emerging Markets
Investments in companies located or Information,
operating in countries considered Political, Regulatory, . . .
developing or to have "emerging" Diplomatic, Liquidity
stock markets. Generally, these and Currency Risk
investments securities have the
same type of risks as foreign
securities, but to a higher degree.

Floating and Variable Rate Debt
Instruments with interest rates that Interest Rate and . . . . .
are adjusted either on a schedule Credit Risk
or when an index or benchmark changes.

Foreign Obligations Information,
Debt of a foreign government or Political, Regulatory, . .
corporation or dollar denominated Diplomatic, Liquidity
debt obligations of foreign branches and Currency Risk
of U.S. banks or U.S. branches of
foreign banks.

Foreign Securities
Equity securities issued by a non-U.S. Information,
company or debt of a or foreign Political, Regulatory,
government in the form of an American Diplomatic, Liquidity . . . .
Depositary Receipt ("ADR") or similar and Currency Risk
instrument. Foreign securities may also
be emerging markets securities, which
are subject to the same risks, but to
a higher degree.

Forward Commitment, When-Issued and
Delayed Delivery Transactions Interest Rate,
Securities bought or sold for delivery Leverage, Credit and . . . . .
at a later date or bought or sold Experience Risk
for a fixed price at a fixed date.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
LARGE SMALL
INTERNATIONAL COMPANY CAP
EQUITY GROWTH GROWTH
- ----------------------------------------------------------------------------------------------------------------------
INVESTMENT PRACTICE RISK
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Borrowing Policies
The ability to borrow from banks for Leverage Risk . . .
temporary purposes to meet shareholder
redemptions.

Floating and Variable Rate Debt
Instruments with interest rates that Interest Rate and . . .
are adjusted either on a schedule Credit Risk
or when an index or benchmark changes.

Foreign Obligations Information,
Debt of a foreign government or Political, Regulatory,
corporation or dollar denominated Diplomatic, Liquidity
debt obligations of foreign branches and Currency Risk
of U.S. banks or U.S. branches of
foreign banks.

Foreign Securities
Equity securities issued by a non-U.S. Information,
company or debt of a or foreign Political, Regulatory, . . .
government in the form of an American Diplomatic, Liquidity
Depositary Receipt ("ADR") or similar and Currency Risk
instrument. Foreign securities may also
be emerging markets securities, which
are subject to the same risks, but to
a higher degree.

Forward Commitment, When-Issued and
Delayed Delivery Transactions Interest Rate,
Securities bought or sold for delivery Leverage, Credit and . . .
at a later date or bought or sold Experience Risk
for a fixed price at a fixed date.
</TABLE>

40 Variable Trust Prospectus

<PAGE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
High Yield Securities
Debt securities of lower quality, also known as "junk
bonds," that produce generally higher rates of return. Interest Rate and . .
These securities tend to be more sensitive to economic Credit Risk
conditions and during sustained periods of rising
interest rates, may experience increased interest and/or
principal defaults.

Illiquid Securities
A security that cannot be readily sold, or cannot be Liquidity Risk . . . . .
readily sold without negatively affecting its fair price.
Limited to 15% of total assets.

Mortgage- and Asset-Backed Securities
Securities consisting of undivided fractional interest Interest Rate, Credit,
in pools of consumer loans, such as mortgage loans, car Prepayment and . .
loans, credit card debt, or receivables held in trust. Experience Risk

Options
The right or obligation to receive or deliver a security Credit, Information
or cash payment depending on the security's price or the and Liquidity Risk . . . .
performance of an index or benchmark. Types of options
used may include: options on securities, options on a
stock index, stock index futures and options on stock
index futures to protect liquidity and portfolio value.

Privately Issued Securities
Securities that are not publicly traded but which may be
resold in accordance with Rule 144A of the Securities Act Liquidity Risk . . . . .
of 1933.
</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

LARGE SMALL
INTERNATIONAL COMPANY CAP
EQUITY GROWTH GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

High Yield Securities
Debt securities of lower quality, also known as "junk
bonds," that produce generally higher rates of return. Interest Rate and
These securities tend to be more sensitive to economic Credit Risk
conditions and during sustained periods of rising
interest rates, may experience increased interest and/or
principal defaults.

Illiquid Securities
A security that cannot be readily sold, or cannot be Liquidity Risk . . .
readily sold without negatively affecting its fair price.
Limited to 15% of total assets.

Loans of Portfolio Securities
The practice of loaning securities to brokers, dealers
and financial institutions to increase return on those Credit,
securities. Loans may be made up to Investment Company Counter-Party and . . .
Act of 1940 limits (currently one-third of total assets Leverage Risk
including the value of collateral received).

Mortgage- and Asset-Backed Securities
Securities consisting of undivided fractional interest Interest Rate, Credit,
in pools of consumer loans, such as mortgage loans, car Prepayment and
loans, credit card debt,or receivables held in trust. Experience Risk

Options
The right or obligation to receive or deliver a security Credit, Information
or cash payment depending on the security's price or the and Liquidity Risk . .
performance of an index or benchmark. Types of options
used may include: options on securities, options on a
stock index, stock index futures and options on stock
index futures to protect liquidity and portfolio value.

Other Mutual Funds
The temporary investment in shares of another mutual
fund. A pro rata portion of the other fund's expenses, in Market Risk . . .
addition to the expenses paid by the Funds, will be borne
by Fund shareholders.

Privately Issued Securities
Securities that are not publicly traded but which may be
resold in accordance with Rule 144A of the Securities Act Liquidity Risk . . .
of 1933.
</TABLE>

Variable Trust Prospectus 41
<PAGE>

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Repurchase Agreements
A transaction in which the seller of a security agrees Credit and . . . . .
to buy back a security at an agreed upon time and Counter-Party
price, usually with interest. Risk

Small Company Securities
The risk that investments in small companies may be Market, Experience
more volatile than investments in larger companies. and Liquidity . . .
Risk
Stripped Obligations
Securities that give ownership to either future payments
of interest or a future payment of principal, but not Interest Rate .
both. These securities tend to have greater interest rate Risk
sensitivity than conventional debt obligations.
</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

LARGE SMALL
INTERNATIONAL COMPANY CAP
EQUITY GROWTH GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT PRACTICE RISK
- ------------------------------------------------------------------------------------------------------------------------------------

Repurchase Agreements
A transaction in which the seller of a security agrees Credit and
to buy back a security at an agreed upon time and Counter-Party . . .
price, usually with interest. Risk

Small Company Securities
The risk that investments in small companies may be Market, Experience
more volatile than investments in larger companies. and Liquidity . . .
Risk
Stripped Obligations
Securities that give ownership to either future payments
of interest or a future payment of principal, but not Interest Rate
both. These securities tend to have greater interest rate Risk
sensitivity than conventional debt obligations.
</TABLE>

42 Variable Trust Prospectus
<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

A number of different entities provide services to the Funds. This section shows
how the Funds are organized, the entities that perform different services, and
how they are compensated. Further information is available in the Statement of
Additional Information for the Funds.

About Wells Fargo Variable Trust
Wells Fargo Variable Trust ("WFVT") was organized as a Delaware business trust
on March 10, 1999. The Board of Trustees of WFVT supervises each Fund's
activities, monitors its contractual arrangements with various service providers
and decides upon matters of general policy. The Funds are available for purchase
through certain variable annuity contracts ("VA Contracts") and variable life
insurance policies ("VLI Policies") offered by the separate accounts of
Participating Insurance Companies. Individual holders of VA Contracts and VLI
Policies are not the "shareholders" of or "investors" in the Funds. Rather, the
Participating Insurance Companies and their separate accounts are the
shareholders or investors, although such companies will pass through voting
rights to the holders of VA Contracts and VLI Policies. The WFVT currently does
not foresee any disadvantages to the holders of VA Contracts and VLI Policies
arising from the fact that the interests of the holders of VA Contracts and VLI
Policies may differ. Nevertheless, the WFVT's Board of Trustees intends to
monitor events in order to identify any conflicts which may arise and to
determine what action, if any, should be taken in response to such conflicts.
The VA Contracts and VLI Policies are described in the separate Prospectuses
issued by the Participating Insurance Companies. The WFVT assumes no
responsibility for such Prospectuses.

- --------------------------------------------------------------------------------
BOARD OF TRUSTEES
- --------------------------------------------------------------------------------
Supervises the Funds' activities
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
INVESTMENT ADVISOR CUSTODIAN
- --------------------------------------------------------------------------------
Wells Fargo Bank, N.A. Norwest Bank Minnesota, N.A.
525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN
Manages the Funds' investment activities Provides safekeeping for the assets
of all Funds except the Asset
Allocation Fund Barclays Global
Investors, N.A. 45 Fremont St., San
Francisco, CA Provides safekeeping for
the Asset Allocation Fund's assets
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT SUB-ADVISORS
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C>
Wells Capital Management Barclays Global Fund Peregrine Capital
Incorporated Advisors Management, Inc.
525 Market St. 45 Fremont St. 800 Lasalle Ave.
San Francisco, CA San Francisco, CA Minneapolis, MN
(All Funds except as described at right) (Asset Allocation Fund) (Large Company Growth Fund)

- ------------------------------------------------------------------------------------------------------------------------------------

TRANSFER
DISTRIBUTOR ADMINISTRATOR AGENT
- ------------------------------------------------------------------------------------------------------------------------------------

Stephens Inc. Wells Fargo Bank, N.A. Boston Financial Data
111 Center St. 525 Market St. Services, Inc.
Little Rock, AR San Francisco, CA Two Heritage Dr.
Quincy, MA
Markets the Funds Manages the Maintains records
and distributes Funds' business of shares and
Fund shares activities supervises the payment
of dividends
- ------------------------------------------------------------------------------------------------------------------------------------

</TABLE>

Variable Trust Prospectus 43
<PAGE>

Organization and Management of the Funds
- --------------------------------------------------------------------------------

In the following sections, the percentages shown are the percentages of
the average daily net assets of each Fund paid on an annual basis for
the services described.

The Investment Advisor
Wells Fargo Bank, N.A. provides portfolio management and fundamental
security analysis services as the advisor for each of the Funds. Wells
Fargo Bank, founded in 1852, is the oldest bank in the western United
States and is one of the largest banks in the United States. Wells
Fargo Bank is a wholly owned subsidiary of Wells Fargo & Company, a
national bank holding company. As of June 30, 1999, Wells Fargo Bank
and its affiliates provided advisory services for over $131 billion in
assets.

For providing these services, Wells Fargo Bank is entitled to receive
the following fees:

Asset Allocation Fund 0.55%

Corporate Bond Fund 0.45%

Equity Income Fund 0.55%

Equity Value Fund 0.55%

Growth Fund 0.55%

International Equity Fund 0.75%

Large Company Growth Fund 0.55%

Small Cap Growth Fund 0.75%

The Sub-Advisors
Wells Capital Management Incorporated ("WCM"), a wholly owned
subsidiary of Wells Fargo Bank N.A., is the sub-advisor for the Funds
(except the Asset Allocation and Large Company Growth Funds). In this
capacity, it is responsible for the day-to-day investment management
activities of the Funds. As of December 31, 1999, WCM provided advisory
services for over $71 billion in assets.

Barclays Global Fund Advisors ("BGFA"), a wholly owned subsidiary of
Barclays Global Investors, N.A. ("BGI"), and an indirect subsidiary of
Barclays Bank PLC, is the sub-advisor for the Asset Allocation Fund.
BGFA was created from the sale of Wells Fargo Nikko Investment
Advisors, a former affiliate of Wells Fargo Bank, to BGI. BGI is one of
the largest providers of index portfolio management services. As of
December 31, 1999, BGI managed or provided investment advice for assets
aggregating in excess of $780 billion.

Peregrine Capital Management, Inc., a wholly owned subsidiary of
Norwest Bank Minnesota, N.A., is the sub-advisor for the Large Company
Growth Fund. Norwest Bank Minnesota, N.A.is a wholly owned subsidiary
of Wells Fargo & Company and an affiliate of Wells Fargo Bank, N.A.
Peregrine provides investment advisory services to corporate and public
pension plans, profit sharing plans, savings investment plans and
401(k) plans. As of December 31, 1999, Peregrine managed approximately
$8.1 billion in assets.

The Sub-Advisors are compensated by the Investment Advisor from the
fees received by the Advisor as listed above.

44 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

The Administrator
Wells Fargo Bank provides the Funds with administrative services,
including general supervision of each Fund's operation, coordination of
the other services provided to each Fund, compilation of information
for reports to the SEC and state securities commissions, preparation of
proxy statements and shareholder reports, and general supervision of
data compilation in connection with preparing periodic reports to the
Trust's Trustees and officers. Wells Fargo Bank also furnishes office
space and certain facilities to conduct each Fund's business. For
providing these services, Wells Fargo Bank is entitled to receive a fee
of 0.15% of the average annual net assets of each Fund.

Distribution Plan
We have adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
under the 1940 Act for each Fund. The Plan authorizes the payment of
all or part of the cost of preparing and distributing Prospectuses,
annual and semi-annual reports, and other materials to shareholders,
and the payment of compensation to selling agents. For these services
each Fund pays 0.25% of its annual net assets.

Variable Trust Prospectus 45
<PAGE>

Your Account
- --------------------------------------------------------------------------------

Investing in the Funds
The Funds are available for purchase through certain VA Contracts and
VLI Policies offered by the separate accounts of Participating
Insurance Companies. The separate accounts of the Participating
Insurance Companies place orders to purchase and redeem shares of each
Fund based on, among other things, the amount of premium payments to be
invested and the amount of surrender and transfer requests (as defined
in the Prospectuses describing the VA Contracts and VLI Policies issued
by the Participating Insurance Companies) to be effected on that day
pursuant to VA Contracts and VLI Policies. Please refer to the
Prospectus provided by your selling agent for more detailed information
describing the separate accounts.

The WFVT does not assess any fees, either when it sells or when it
redeems its shares. Surrender charges, mortality and expense risk fees
and other charges may be assessed by Participating Insurance Companies
under the VA Contracts or VLI Policies. These fees and charges are
described in the Participating Insurance Companies' Prospectuses.

Should any conflict between VA Contract and VLI Policy holders arise
which would require that a substantial amount of net assets be
withdrawn from a Fund of the WFVT, orderly portfolio management could
be disrupted to the potential detriment of the VA Contract and VLI
Policy holders.

46 Variable Trust Prospectus
<PAGE>

Other Information
- --------------------------------------------------------------------------------

Dividends and Capital Gain Distributions
Each Fund is treated separately in determining the amounts of dividends
of net investment income and distributions of capital gains payable to
its shareholders. Dividends and distributions are automatically
reinvested on the payment date for each shareholder's account in
additional shares of the Fund that paid the dividend or distribution at
NAV or are paid in cash at the election of the Participating Insurance
Company.

The Corporate Bond and Money Market Funds declare any dividends daily
and pay them monthly. The Asset Allocation, Equity Income and Equity
Value Funds declare and pay any dividends quarterly. All other Funds
declare and pay any dividends annually. The Funds make any capital
gains distributions at least annually. Participating Insurance
Companies will be informed by January 31 about the amount and character
of dividends and distributions.

Taxes
The following discussion regarding taxes is based on tax laws which
were in effect as of the date of this Prospectus and summarizes only
some of the material federal income tax considerations affecting the
Funds and their shareholders. It is not intended as a substitute for
careful tax planning and does not discuss state, local or foreign
income tax considerations. You should consult your own tax advisor with
respect to your specific tax situation. Please see the SAI for further
federal income tax considerations. Federal income taxation of separate
accounts of life insurance companies, VA Contracts and VLI Policies is
discussed in the Prospectuses of the Participating Insurance Companies.

As described in the prospectuses of the Participating Insurance
Companies, individual holders of VA Contracts and VLI Policies may
qualify for favorable tax treatment. As long as your VA Contract or VLI
Policy maintains favorable tax treatment, you will only be taxed on
your investment in a fund through such VA Contract or VLI Policy. In
order to qualify for such treatment, among other things, the "separate
accounts" of the Participating Insurance Companies, which maintain and
invest net proceeds from the VA Contracts and VLI Policies, must be
"adequately diversified." Each Fund intends to be operated in a manner
so that a separate account investing in Fund Shares on behalf of a
holder of a VA Contract or VLI Policy will be "adequately diversified."
See "Taxation of a Separate Account of a Participating Insurance
Company" in the SAI.

Pricing Fund Shares:

. As with all mutual fund investments, the price you pay to purchase
shares or the price you receive when you redeem shares is not
determined until after a request has been received in proper form.

. We determine the NAV of each Fund's shares, except the Money Market
Fund, each business day as of the close of regular trading on the
New York Stock Exchange ("NYSE"). We determine the NAV for the Money
Market Fund each business day at 9:00 a.m. (Pacific time)/11:00 a.m.
(Central time). We determine the NAV by subtracting each Fund's
liabilities from its total assets, and then dividing the result by
the total number of outstanding shares. The Money Market Fund's
assets are valued using the amortized cost method. Each other Fund's
assets are generally valued at current market prices. See the
Statement of Additional Information for further disclosure.

. The non-money market Funds are open for business on each day the
NYSE is open for business. NYSE holidays include New Year's Day,
Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving Day and Christmas
Day. When any holiday falls on a weekend, the NYSE typically is
closed on the weekday immediately before or after such holiday. The
Money Market Fund is open for business Monday through Friday, and
generally is closed on federal bank holidays.

Variable Trust Prospectus 47
<PAGE>

Table of Predecessors
- --------------------------------------------------------------------------------

The Funds described in this Prospectus were created as part of the
reorganization of the Life & Annuity Trust ("LAT") Family of Funds,
advised by Wells Fargo Bank, N.A., and the Norwest Select Family of
Funds, advised by Norwest Investment Management, Inc., into a single
mutual fund complex. The reorganization followed the merger of the
advisors' parent companies.

Each Fund, unless otherwise indicated below, is an accounting survivor
of a former Life & Annuity Trust or Norwest Select Funds fund, as
indicated in the following table. The performance histories and
financial highlights of each accounting survivor are the performance
histories and financial highlights of the predecessor fund.

Wells Fargo Variable Trust Predecessor Funds

Asset Allocation Fund LAT Asset Allocation Fund

Corporate Bond Fund None

Equity Income Fund Norwest Select Income Equity Fund

Equity Value Fund LAT Equity Value Fund

Growth Fund LAT Growth Fund

International Equity Fund None

Large Company Growth Fund None

Small Cap Growth Fund Norwest Select Small Company Stock Fund

48 Variable Trust Prospectus
<PAGE>

Portfolio Managers
- --------------------------------------------------------------------------------

N. Graham Allen, FCMA, Mr. Allen manages the Corporate Bond Fund. He
joined Wells Capital Management Incorporated ("Wells Capital") in 1998
and is the firm's Chief Fixed Income Officer. His responsibilities
include overseeing of non-dollar fixed-income investments in major
developed countries, emerging markets, Yankee bonds and global high
yield investments. Prior to joining Wells Capital, he headed the
international bond management team at Bradford & Marzec, a Los Angeles-
based investment adviser where he was responsible for managing high
yield securities investments from 1988 to 1998. Educated in England,
Mr. Allen is a Fellow Chartered Management Accountant (FCMA), a
recognized accounting body in the United Kingdom.

John W. Burgess Mr. Burgess co-manages the Corporate Bond Fund. He
joined Wells Capital in 1998 as portfolio manager for high yield fixed-
income investments. He joined Wells Capital from Independent Financial
Advisors, an independent advisory practice in Los Angeles where he
performed research and analysis of fixed-income securities from 1995 to
1998. Prior to this position, he was a portfolio manager at Aurora
National Life Assurance Company of Santa Monica, California, where he
managed both equity and fixed-income investments from 1991 to 1994. Mr.
Burgess received his BA in English from Harvard College and a Juris
Doctorate degree from Harvard Law School. He is a Chartered Financial
Analyst candidate.

John S. Dale, CFA, Mr. Dale manages the Large Company Growth Fund. He
has managed large company growth portfolios, currently totaling assets
in excess of $3 billion, and has been a Senior Vice President of
Peregrine Capital Management, Inc. since 1988, when he joined the firm.
Mr. Dale received his BA in Marketing from the University of Minnesota
and he is a Chartered Financial Analyst.

Gary J. Dunn, CFA, Mr. Dunn co-manages the Equity Income Fund, and
managed the predecessor portfolio since 1994. He joined Wells Capital
in 1998 as Principal for its Equity Income team, and holds dual
positions at both Wells Capital and Norwest Investment Management, Inc.
("NIM"), which intend to combine investment advisory services under the
Wells Capital name during late 1999/early 2000. Currently, Mr. Dunn is
also the Director of Institutional Investments of NIM. He has been
associated with Norwest or its affiliates as a financial analyst and
portfolio manager since 1979. Mr. Dunn holds a BA in Economics from
Carroll College and is a Chartered Financial Analyst.

Jacqueline A. Flippin Ms. Flippin co-manages the Corporate Bond Fund.
She joined Wells Capital in 1998 as a portfolio manager for taxable
fixed-income portfolios. Her area of expertise includes both mortgage-
backed securities and high yield debt. She was a fixed-income portfolio
manager at McMorgan & Company in San Francisco, CA from 1994 to 1998.
Ms. Flippin received her BA in Sociology from Northwestern University
and an MBA in Finance from New York University.

Gregg Giboney, CFA, Mr. Giboney co-manages the Equity Value Fund. He
managed the predecessor portfolio since August 1998, and has been with
Wells Capital as a member of the Value Equity Team providing security
analysis and portfolio management since 1996. Mr. Giboney was with
First Interstate Capital Management prior to 1996 in various
capacities, including fixed-income trading, derivative management,
equity analysis, stable value asset management and as a portfolio
manager for personal, institutional and trust accounts. Mr. Giboney
received his BS in Accounting and Finance from Washington State
University, his MBA from the University of Portland, and he is a
Chartered Financial Analyst.

Christopher F. Greene Mr. Greene co-manages the Small Cap Growth Fund,
and co-managed the predecessor portfolio since early 1999. He joined
Wells Capital in 1997. As Portfolio Manager and Analyst for the firm's
small cap equity team, he is responsible for fundamental security
analysis of small and mid cap growth securities. Before joining Wells
Capital, he worked at Hambrecht & Quist, an investment banking firm in
San Francisco, as an analyst in the corporate finance department from
1993 to 1996. Mr. Greene received a BA in Economics from Claremont
McKenna College. He is a Chartered Financial Analyst candidate.

Variable Trust Prospectus 49
<PAGE>

Portfolio Managers
- --------------------------------------------------------------------------------

Kelli K. Hill Ms. Hill manages the Growth Fund. She managed the
predecessor portfolio since February 1997, when she joined Wells
Capital as its Core Equity Team Leader. She also manages institutional
equity portfolios and in her research capacity, specializes in the
capital goods and technology sectors. From 1988 to 1997, she was a
Portfolio Manager for Wells Fargo Bank in San Francisco, where her
responsibilities included portfolio management for high net-worth
individuals. Ms. Hill holds a BA in Economics and International
Relations from the University of Southern California, and she is a
Chartered Financial Analyst candidate.

Stacey Ho, CFA, Ms. Ho co-manages the International Equity Fund. She
has been with Wells Capital as an international equity portfolio
manager since early 1997. In 1995 and 1996 she was an international
equity portfolio manager at Clemente Capital Management, and from 1990
to 1995 she managed Japanese and U. S. equity portfolios for Edison
International. Ms. Ho has over nine years of international equity
investment management experience. Ms. Ho received her BA in Civil
Engineering from San Diego State University, her MS in Environmental
Engineering from Stanford University, her MBA from the University of
California at Los Angeles, and she is a Chartered Financial Analyst.

Daniel J. Kokoszka, CFA, Mr. Kokoszka co-manages the Corporate Bond
Fund. Mr. Kokoszka, as the Managing Director of Global Fixed-income for
Wells Capital, is responsible for non-dollar fixed-income investments
in major developed countries and U. S. dollar fixed-income investments
(Yankee bonds) in emerging markets. He joined the firm in 1998 from
Bradford & Marzec, Inc., a Los Angeles-based investment adviser, where
he was a portfolio manager on the international portfolio management
team from 1993 to 1998. Mr. Kokoszka has a BS in Astronomy from
Villanova University, an MS in Mechanical Engineering from George
Washington University, and an MBA with emphasis in Finance, Corporate
Accounting and Applied Economics from the University of Rochester. He
is a Chartered Financial Analyst, a Certified Management Accountant and
is Certified in Financial Management.

Gary E. Nussbaum, CFA, Mr. Nussbaum co-manages the Large Company Growth
Fund. He has managed large company growth portfolios, currently
totaling assets in excess of $3 billion, and has been a growth equity
style portfolio manager for Peregrine Capital Management, Inc., where
he is currently a Senior Vice President, since 1990. Mr. Nussbaum
received his Bachelors of Business Administration from the University
of Wisconsin, his MBA from the University of Wisconsin, and his is a
Chartered Financial Analyst.

David L. Roberts, CFA, Mr. Roberts manages the Equity Income Fund and
managed the predecessor portfolio since 1994, and also managed the
predecessor's predecessor collective investment trust since 1986. He is
the Equity Income Managing Director at Wells Capital. He joined the
firm in 1998 and continues to hold dual positions at both Wells Capital
and Norwest Investment Management, Inc. ("NIM"), which intend to
combine investment advisory services under the Wells Capital name
during late 1999/early 2000. Mr. Roberts joined Norwest Corporation in
1972 as a Securities Analyst. He became Assistant Vice President
Portfolio Manager in 1980, and was promoted to Vice President in 1982.
He holds a BA in Mathematics from Carroll College and he is a Chartered
Financial Analyst.

Katherine Schapiro, CFA, Ms. Schapiro manages the International Equity
Fund, and she is the Managing Director of the International Equity team
for Wells Capital. As team leader, she manages international equity
funds and portfolios for the firm's institutional clients. She joined
Wells Capital in 1997 from Wells Fargo Bank where she was a portfolio
manager from 1992 to 1997. Ms. Schapiro's 17 years of investment
experience included investment management from 1988 to 1992 at Newport
Pacific Management, a San Francisco-based international investment
advisory firm. Ms. Schapiro obtained her BA in Spanish Literature from
Stanford University and is a Chartered Financial Analyst. She currently
serves as President of the Security Analysts of San Francisco.

50 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Scott M. Smith, CFA, Mr. Smith co-manages the Corporate Bond Fund. He
joined Wells Capital in 1997 and currently manages taxable fixed-income
portfolios as a member of the core-plus team. His emphasis is on the
corporate and mortgage-backed sectors. From 1988 to 1997, while at
Wells Fargo Bank, he was a short duration fixed-income specialist and
trust administrator. He has 11 years of experience in the investment
industry. Mr. Smith received his BA in International Relations/Business
from the University of San Diego, and he is a Chartered Financial
Analyst.

Allan White, Mr. White co-manages the Equity Value Fund. He joined
Wells Capital Management as Managing Director of the Value Equity
Strategy Team in January 2000. He is responsible for the day-to-day
management of the Fund, and for the co-direction of the stock selection
process for the Team. Prior to joining Wells Capital Management, Mr.
White was a Principal at Olympic Capital Management, Inc. since 1993,
and in his role as senior portfolio manager he was responsible for all
portfolio investment decisions. From 1981 to 1993, Mr. White was a Vice
President and senior portfolio manager at Robert E. Torrey & Co., Inc.
He has managed value equity portfolios for over ten years.

Allen E. Wisniewski, CFA, Mr. Wisniewski co-manages the Equity Value
Fund, and he co-managed the Fund's predecessor portfolio since its
inception in early 1998. He joined Wells Capital in 1997 as a portfolio
manager for the Value Equity Strategy team and as a research analyst
focusing on the higher yield segment of the value strategy. Before
joining Wells Capital in 1997, he was a value equity portfolio manager
from 1987 to 1997 at Wells Fargo Bank. Mr. Wisniewski received a BA in
Economics and an MBA in Economics and Finance from the University of
California at Los Angeles, and he is a Chartered Financial Analyst.

Thomas Zeifang, CFA, Mr. Zeifang co-manages the Small Cap Growth Fund,
and co-managed the predecessor portfolio since early 1998. He joined
Wells Capital in 1997 and is currently the Managing Director of the
Small Cap Equity team. As strategy leader, he is responsible for
fundamental security analysis. Prior to Wells Capital, he was a small
cap equity portfolio manager from 1995 to 1997 at Wells Fargo Bank. He
was a Financial Analyst from 1993 to 1995 at Fleet Investment Advisors,
based in Rochester, NY. Mr. Zeifang holds a BS in Business
Administration from St. Bonaventure University and an MBA in Finance
from the University of Rochester's Simon School of Business. He is a
Chartered Financial Analyst.

Variable Trust Prospectus 51
<PAGE>

Glossary
- --------------------------------------------------------------------------------

We provide the following definitions to assist you in reading this
Prospectus. For a more complete understanding of these terms you should consult
your financial advisor.

American Depositary Receipts ("ADRs")
Receipts for non-U.S. company stocks. The stocks underlying ADRs are typically
held in bank vaults. The ADR's owner is entitled to any capital gains or
dividends. ADRs are one way of owning an equity interest in foreign companies.

Asset-Backed Securities
Securities consisting of an undivided fractional interest in pools of consumer
loans, such as car loans or credit card debt, or receivables held in trust.

Below Investment-Grade
Securities rated BBB or lower by S&P or Baa or lower by Moody's Investor
Services, or that may be unrated securities or securities considered to be "high
risk."

Business Day
Any day the New York Stock Exchange is open is a business day for the Funds.

Capital Appreciation, Capital Growth
The increase in the value of a security. See also "total return."

Capitalization
When referring to the size of a company, capitalization means the total number
of a company's outstanding shares of stock multiplied by the price per share.
This is an accepted method of determining a company's size and is sometimes
referred to as "market capitalization."

Capital Structure
Refers to how a company has raised money to operate. Can include, for example,
borrowing or selling stock.

Collateralized Mortgage Obligations ("CMOs")
Securities collateralized by portfolios of mortgage pass-through securities.
CMOs are structured into multiple classes, and are paid according to class
maturity, shortest maturities paid first.

Commercial Paper
Debt instruments issued by banks, corporations and other issuers to finance
short-term credit needs. Commercial paper typically is of high credit quality
and offers below market interest rates.

Convertible Debt Securities
Bonds or notes that are exchangeable for equity securities at a set price on a
set date or at the election of the holder.

Current Income
Earnings in the form of dividends or interest as opposed to capital growth. See
also "total return."

Debt Securities
Generally, a promise to pay interest and repay principal by an individual or
group of individuals sold as a security. The owner of the security is entitled
to receive any such payments. Examples include bonds and mortgage-backed
securities and can include securities in which the right to receive interest and
principal repayment have been sold separately.

Derivatives
Securities whose values are derived in part from the value of another security
or index. An example is a stock option.

52 Variable Trust Prospectus
<PAGE>

- --------------------------------------------------------------------------------

Distributions
Dividends and/or capital gains paid by a Fund on its shares.

Diversified
A diversified fund, as defined by the Investment Company Act of 1940, is one
that invests in cash, Government securities, other investment companies and no
more than 5% of its total assets in a single issuer. These policies must apply
to 75% of the Funds' total assets.

Dollar-Denominated
Securities issued by foreign banks, companies or governments in U.S. dollars.

Duration
A measure of a security's or portfolio's sensitivity to changes in interest
rates. Duration is usually expressed in years, with longer durations typically
more sensitive to interest rate changes than shorter durations.

Emerging Markets
Markets associated with a country that is considered by international financial
organizations, such as the International Finance Corporation and the
International Bank for Reconstruction and Development, and the international
financial community to have an "emerging" stock market. Such markets may be
under-capitalized, have less-developed legal and financial systems or may have
less stable currencies than markets in the developed world.

Federal Deposit Insurance Corporation ("FDIC")
The Federal Deposit Insurance Corporation. This is the company that provides
federally sponsored insurance covering bank deposits such as savings accounts
and CDs. Mutual funds are not FDIC insured.

FHLMC
FHLMC securities are commonly known as "Freddie Mac" and are issued by the
Federal Home Loan Mortgage Corporation.

FNMA
FNMA securities are commonly known as "Fannie Maes" and are issued by the
Federal National Mortgage Association.

GNMA
GNMA securities are commonly known as "Ginnie Maes" and are issued by the
Government National Mortgage Association.

Hedge
Strategy used to offset investment risk. A perfect hedge is one eliminating the
possibility of future gain or loss.

Illiquid Security
A security that cannot be readily sold at the desired time, or cannot be readily
sold without negatively affecting its fair price.

Initial Public Offering
The first time a company's stock is offered for sale to the public.

Investment-Grade Securities
A type of bond rated in the top four investment categories by a nationally
recognized ratings organization. Generally these are bonds whose issuers are
considered to have a strong ability to pay interest and repay principal,
although some investment-grade bonds may have some speculative characteristics.

Variable Trust Prospectus 53
<PAGE>

Glossary
- --------------------------------------------------------------------------------

Liquidity
The ability to readily sell a security at a fair price.

Money Market Instruments
High-quality short-term instruments meeting the requirements of Rule
2a-7 of the 1940 Act, such as bankers' acceptances, commercial paper,
repurchase agreements and government obligations. In a money market
fund, average portfolio maturity does not exceed 90 days, and all
investments have maturities of 397 days or less at the time of
purchase.

Moody's
A nationally recognized ratings organization.

Nationally Recognized Ratings Organization ("NRRO")
A company that examines the ability of a bond issuer to meet its
obligations and which rates the bonds accordingly.

Net Asset Value ("NAV")
The value of a single fund share. It is determined by adding together
all of a Fund's assets, subtracting accrued expenses and other
liabilities, then dividing by the total number of shares.

Options
An option is the right to buy or sell a security based on an agreed
upon price for at a specified time. For example, an option may give the
holder of a stock the right to sell the stock to another party,
allowing the seller to profit if the price has fallen below the agreed
price. Options may also be based on the movement of an index such as
the S&P 500.

Preservation of Capital
The attempt by a fund's manager to defend against drops in the net
asset value of fund shares in order to preserve the initial investment.

Price-to-Earnings Ratio
The ratio between a stock's price and its historical, current or
anticipated earnings. Low ratios typically indicate a high yield. High
ratios are characteristic of growth stocks which generally have low
current yields.

Principal Stability
The degree to which share prices for a fund remain steady. Money market
funds attempt to achieve the highest degree of principal stability by
maintaining a $1.00 per share net asset value. More aggressive funds
may not consider principal stability an objective.

Repurchase Agreement
An agreement between a buyer and seller of a security in which the
seller agrees to repurchase the security at an agreed upon price and
time.

Russell 1000 Index
An index comprised of the 1000 largest firms listed on the Russell 3000
Index. The Russell 3000 Index is a listing of 3000 corporations by the
Frank Russell Company that is intended to be representative of the U.S.
economy. The Russell 1000 is considered a "large cap" index.

Russell 2000 Index
An index comprised of the 2000 smallest firms listed on the Russell
3000 Index. The Russell 3000 Index is a listing of 3000 corporations by
the Frank Russell Company that is intended to be representative of the
U.S. economy. The Russell 2000 is considered a "small cap" index.

Selling Agent
A person who has an agreement with the Funds' distributors that allows
them to sell a Fund's shares.

54 Variable Trust Prospectus
<PAGE>

Shareholder Servicing Agent
Anyone appointed by the Fund to maintain shareholder accounts and
records, assist and provide information to shareholders or perform
similar functions.

Signature Guarantee
A guarantee given by a financial institution that has verified the
identity of the maker of the signature.

S&P, S&P 500 Index
Standard & Poor's, a nationally recognized ratings organization. S&P
also publishes various indexes or lists of companies representative of
sectors of the U.S. economy.

Statement of Additional Information
A document that supplements the disclosure made in the Prospectus.

Stripped Treasury Securities
Debt obligations in which the interest payments and the repayment of
principal are separated and sold as securities.

Total Return
The total value of capital growth and the value of all distributions,
assuming that distributions were used to purchase additional shares of
the Funds.

Turnover Ratio
The percentage of the securities held in a Fund's portfolio, other than
short-term securities, that were bought or sold within a year.

Undervalued
Describes a stock that is believed to be worth more than its current
price.

U.S. Government Obligations
Obligations issued or guaranteed by the U.S. Government, its agencies
or instrumentalities.

Value Strategy
A strategy of investing which tries to identify and buy undervalued
stocks under the assumption that the stock will eventually rise to its
"fair market" value.

Warrants
The right to buy a stock at a set price for a set time.

Weighted Average Maturity
The average maturity for the debt securities in a portfolio on a
dollar-for-dollar basis.

Variable Trust Prospectus 55
<PAGE>

This page intentionally left blank
- --------------------------------------------------------------------------------
<PAGE>

YOU MAY WISH TO REVIEW THE FOLLOWING DOCUMENTS:

THESE DOCUMENTS ARE AVAILABLE FREE OF CHARGE:
Call: 1-800-222-8222, option 4;

WRITE TO:
Wells Fargo Funds PO Box 8266
Boston, MA 02266-8266; or

Visit the SEC's website at http://www.sec.gov

REQUEST COPIES FOR A FEE BY WRITING TO:
SEC Public Reference Room Washington, DC 20549-6009 Call:
1-800-SEC-0330 for details
<PAGE>

WELLS
FARGO

FUNDS

WELLS FARGO VARIABLE
TRUST FUNDS

---------------------
PROSPECTUS
---------------------

Please read this Prospectus and keep Equity Value Fund
it for future reference. It is designed
to provide you with important information
and to help you decide if a Fund's goals
match your own.

These securities have not been approved
or disapproved by the U.S. Securities
and Exchange Commission ("SEC"), nor has
the SEC passed upon the accuracy or
adequacy of this Prospectus. Any
representation to the contrary is a
criminal offense.

Fund shares are NOT deposits or other
obligations of, or issued, endorsed or
guaranteed by Wells Fargo Bank, N.A.
("Wells Fargo Bank") or any of its
affiliates. Fund shares are NOT
insured or guaranteed by the U.S. Government,
the Federal Deposit Insurance Corporation
("FDIC") or any other governmental agency.
AN INVESTMENT IN A FUND INVOLVES CERTAIN
RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL.

MAY 1
2000
<PAGE>

<TABLE>
<CAPTION>
Table of Contents Variable Trust Funds
- --------------------------------------------------------------------------------------------

<S> <C> <C>
Overview Objectives and Principal Strategies 4
This section contains important Summary of Important Risks 6
summary information about the Performance History 8
Fund. Key Information 8

- --------------------------------------------------------------------------------------------
The Fund Equity Value Fund 10
This section contains important General Investment Risks 12
information about the Fund. Organization and Management
of the Fund 18

- --------------------------------------------------------------------------------------------
Your Investment Your Account 21
Turn to this section for
information on how to buy
and sell Fund shares.

- --------------------------------------------------------------------------------------------
Reference Other Information 22
Look here for additional Table of Predecessors 23
information and term Portfolio Managers 24
definitions. Glossary 26
</TABLE>
<PAGE>

Variable Trust Fund Overview
- -------------------------------------------------------------------------------
See the individual Fund description in this Prospectus for further details.
Words appearing in italicized print and highlighted in color are defined in the
Glossary.

<S> <C>
FUND OBJECTIVE

Equity Value Fund Seeks long-term capital appreciation.
</TABLE>

4 Variable Trust Prospectus
<PAGE>

_______________________________________________________________________________

PRINCIPAL STRATEGY

We invest in equity securities that we believe are undervalued in relation to
the overall stock markets.

Variable Trust Prospectus 5
<PAGE>

Summary of Important Risks
- -------------------------------------------------------------------------------

This section summarizes important risks for the Fund described in this
Prospectus, and important risks that relate specifically to this particular
Fund. Both are important to your investment choice. Additional information about
these and other risks is included in:

. the individual Fund Description later in this Prospectus;
. under the "General Investment Risks" section beginning on page 12; and
. in the Funds' Statement of Additional Information.

COMMON RISKS FOR THE FUNDS
Equity Securities
The Fund invests in equity securities, which are subject to equity market
risk. This is the risk that stock prices will fluctuate and can decline and
reduce the value of a Fund's portfolio. Certain types of stock and certain
individual stocks selected for the Fund's portfolio may underperform or
decline in value more than the overall market. As of the date of this
Prospectus, the equity markets, as measured by the S&P 500 Index and other
commonly used indexes, are trading at or close to record levels. There can be
no guarantee that these levels will continue. The Funds that invest in smaller
companies, in foreign companies (including investments made through American
Depositary Receipts and similar instruments), and in emerging markets are
subject to additional risks, including less liquidity and greater price
volatility. A Fund's investment in foreign companies and emerging markets are
also subject to special risks associated with international investing,
including currency, political, regulatory and diplomatic risks.

Debt Securities
The Fund may invest some of its assets in debt securities, such as notes and
bonds, which are subject to credit risk and interest rate risk. Credit risk is
the possibility that an issuer of an instrument will be unable to make
interest payments or repay principal. Changes in the financial strength of an
issuer or changes in the credit rating of a security may affect its
value. Interest rate risk is the risk that interest rates may increase, which
will reduce the resale value of instruments in the Fund's investments,
including U.S. Government obligations. Debt securities with longer maturities
are generally more sensitive to interest rate changes than those with shorter
maturities. Changes in market interest rates do not affect the rate payable on
debt securities held in a Fund, unless the instrument has adjustable or
variable rate features, which can reduce interest rate risk. Changes in market
interest rates may also extend or shorten the duration of certain types of
instruments, such as asset-backed securities, thereby affecting their value
and the return on your investment.

6 Variable Trust Prospectus
<PAGE>

_______________________________________________________________________________

FUND SPECIFIC RISKS

There is no guarantee that securities selected as
Equity Value Fund "undervalued" will perform as expected. Stocks of
smaller, medium-sized and foreign companies purchased
using the value strategy may be more volatile and less
liquid than other comparable securities.

Variable Trust Prospectus 7

<PAGE>

Performance History
- -------------------------------------------------------------------------------

The information on the following pages shows you how the Fund has performed
and illustrates the variability of a Fund's returns over time. Each Fund's
average annual returns for one-year and since inception periods are
compared to the performance of an appropriate broad-based index. Please
remember that past performance is no guarantee of future results. The
performance for the Fund in this Prospectus does not reflect fees charged
by your variable life insurance/annuity certificate or contract. If it
did, returns would be lower.

Key Information
- -------------------------------------------------------------------------------

Important information you should look for as you decide to invest in a
Fund:
The summary information on the previous pages is designed to provide you
with an overview of the Fund. The sections that follow provide more
detailed information about the investments and management of the Fund.

--------------------------------------------------------------------------
Investment Objective and Investment Strategies
The investment objective of the Fund in this Prospectus is non-
fundamental, that is, it can be changed by a vote of the Board of Trustees
alone. The objectives and strategies descriptions for the Fund tell you:

. what the Fund is trying to achieve; and
. how we intend to invest your money.

--------------------------------------------------------------------------
Permitted Investments
A summary of the Fund's key permitted investments and practices.

--------------------------------------------------------------------------
Important Risk Factors
Describes the key risk factors for the Fund, and includes risks described
in the "Summary of Important Risks" and "General Investment Risks" section.

Words appearing in italicized print and highlighted in color are defined in
the Glossary.

8 Variable Trust Prospectus
<PAGE>

_______________________________________________________________________________

Equity Value Fund Calendar Year Returns (%)

Best Qtr.: Q2 `99 . 10.87% Worst Qtr.: Q3 `99 . -13.64%

<TABLE>
<CAPTION>
Average annual total return (%)
for the period ended 12/31/99
<S> <C> <C>
Since
1 year Inception
WFVT Equity Value Fund (Incept.5/1/98) -2.48 -3.73
S&P 500 Index/1/ 21.04 19.80

/1/ S&P 500 is a registered trademark of Standard & Poor's.
</TABLE>
Variable Trust Prospectus 9
<PAGE>

Equity Value Fund
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Portfolio Managers: Allan White; Allen Wisniewski, CFA; Gregg Giboney, CFA
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Investment Objective
The Equity Value Fund seeks long-term capital appreciation.
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Investment Strategies
We seek long-term capital appreciation by investing in a diversified
portfolio composed primarily of equity securities that are trading at low
price-to-earnings ratios, as measured against the stock market as a whole
or against the individual stock's own price history. In addition we look at
the price-to-book value and price-to-cash flow ratios of companies for
indications of attractive valuation. We use both quantitative and
qualitative analysis to identify possible investments. Dividends are a
secondary consideration when selecting stocks. We may purchase particular
stocks when we believe that a history of strong dividends may increase
their market value.

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Permitted Investments
Under normal market conditions, we invest:

. primarily in common stocks of both large, well-established companies and
smaller companies with market capitalization exceeding $50 million at
the time of purchase;

. in debt securities that may be converted into the common stock of both
U.S. and foreign companies; and

. up to 25% of our assets in foreign companies through American Depositary
Receipts and similar instruments.

We may also purchase convertible debt securities with the same
characteristics as common stock, as well as in preferred stock and
warrants.

We may temporarily hold assets in cash or in money market instruments,
including U.S. Government obligations, shares of other mutual funds and
repurchase agreements, or make short-term investments, either to maintain
liquidity or for short-term defensive purposes when we believe it is in the
best interests of shareholders. During such periods, the Fund may not
achieve its objective of long-term capital appreciation.

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Important Risk Factors

There is no guarantee that securities selected as "undervalued" will
perform as expected. Stocks of smaller, medium-sized and foreign companies
purchased using the value approach may be more volatile and less liquid
than other comparable securities.

You should consider the "Summary of Important Risks" section on page 6, the
"General Investment Risks" section beginning on page 12, and the specific
risks listed here. They are all important to your investment choice.

10 Variable Trust Prospectus
<PAGE>

Financial Highlights
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FOR A SHARE OUTSTANDING

<TABLE>
<CAPTION>
FUND COMMENCED
ON MAY 1, 1998
-------------------------------------------------
Dec. 31, Dec. 31,
For the period ended: 1999 1998
-------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 9.55 $ 10.00

Income from investment operations:
Net investment income (loss) 0.08 0.07
Net realized and unrealized gain (loss)
on investments (0.32) (0.45)

Total from investment operations (0.24) (0.38)

Less distributions:
Dividends from net investment income (0.08) (0.07)
Distributions from net realized gains 0.00 0.00

Total from distributions (0.08) (0.07)

Net asset value, end of period $ 9.23 $ 9.55

Total return (not annualized)1 (2.48%) (3.76%)

Ratios/supplemental data:
Net assets, end of period (000s) $26,567 $11,072

Ratios to average net assets (annualized):
Ratio of expenses to average net assets 1.06% 1.09%
Ratio of net investment income (loss) to
average net assets 0.96% 1.54%

Portfolio turnover 139% 27%

Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses (annualized) 1.53% 2.52%
</TABLE>

/1/ Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
period shown. Total return figures do not reflect charges pursuant to the
terms of the variable life insurance policies and variable annuity contracts
funded by separate accounts that invest in the Fund's shares.