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NASL SERIES TRUST
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
The following information replaces information found in the Trust's Prospectus
under the heading "Subadvisory Arrangements - Fidelity Management Trust Company"
relating to the subadviser for the Equity Trust:
Katherine Collins and Richard B. Fentin are each responsible for the day-to-day
management of the Equity Trust.
Katherine Collins joined Fidelity Investments in 1990 and is the portfolio
manager of Fidelity Mid-Cap Stock Fund and Fidelity Advisor Mid Cap Fund. Ms.
Collins previously served as sector leader of Fidelity's consumer equity
research group from 1996 to January 1997. She was named manager of Fidelity
Select Leisure, Fidelity Select Consumer Industries and Fidelity Advisor
Consumer Industries portfolios in 1996. From 1994 to 1995, Ms. Collins was
assistant director of research. From 1992 to 1994, she managed Fidelity Select
Construction and Housing Portfolio. Ms. Collins is a Chartered Financial
Analyst.
Richard B. Fentin, senior vice president, joined Fidelity Investments in 1979
and is the portfolio manager of Fidelity Value Fund. He has managed the Value
Fund since March 1996, and previously managed the same fund during 1992. Mr.
Fentin also managed Fidelity Puritan Fund (1987 to 1996), Fidelity Growth
Company Fund (1983 to 1987), Fidelity Select Precious Metal Portfolio and
Fidelity Trust Portfolio: Growth Fund. Mr. Fentin also served as a research
assistant for the Fidelity Magellan Fund.
THE DATE OF THIS SUPPLEMENT IS JULY 1, 1997
