NASL SERIES TRUST, 497, 1997-05-01

NASL SERIES TRUST
497, 1997-05-01

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                                NASL SERIES TRUST
                           SUPPLEMENT TO PROSPECTUS
                                DATED MAY 1, 1997

      The investment policies of the Worldwide Growth Trust are amended to
reflect that the Worldwide Growth Trust may invest up to 50% of its total assets
in the securities of any one foreign country (currently this limit is 25%),
subject to any applicable state insurance regulations regarding investing in
foreign securities. 

      The International Small Cap, Worldwide Growth, Growth and Balanced Trusts
each currently have a policy that at no time will the portfolio have more than
5% of its total assets invested in any fixed-income securities which are unrated
or are rated below investment grade either at the time of purchase or as a
result of a reduction in rating after purchase. This policy is amended to
reflect that preferred stocks are not subject to this 5% limitation.


                 THE DATE OF THIS SUPPLEMENT IS MAY 1, 1997.