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NASL SERIES TRUST
Supplement to Statement of Additional Information dated July 11, 1996
Nonfundamental investment restriction number (13) is amended and restated
as follows:
(13) Purchase securities of other investment companies if the purchase would
cause more than 10% of the value of the portfolio's total assets to be
invested in investment company securities, provided that (i) no investment
will be made in the securities of any one investment company if
immediately after such investment more than 3% of the outstanding voting
securities of such company would be owned by the portfolio or more than 5%
of the value of the portfolio's total assets would be invested in such
company and (ii) no restrictions shall apply to a purchase of investment
company securities in connection with a merger, consolidation or
reorganization or in connection with the investment of collateral received
in connection with the lending of securities in the Navigator Securities
Lending Trust. For purposes of this restriction, privately issued
collateralized mortgage obligations will not be treated as investment
company securities if issued by "Exemptive Issuers". Exemptive Issuers are
defined as unmanaged, fixed-asset issuers that (a) invest primarily in
mortgage-backed securities, (b) do not issue redeemable securities as
defined in section 2(a)(32) of the Investment Company Act of 1940, (c)
operate under general exemptive orders exempting them from "all provisions
of the Investment Company Act of 1940," and (d) are not registered or
regulated under the Investment Company Act of 1940 as investment
companies.
NASL.SUPP796
THE DATE OF THIS SUPPLEMENT IS JULY 24, 1996
