RSI RETIREMENT TRUST
Supplement dated August 15, 1996
to
Prospectus dated January 28, 1996
The sixth paragraph on page 20 is restated, to read as follows:
"The Actively Managed Bond Fund is co-managed by Herbert Kuhl, Jr., Vice
President, and Deborah A. Modzelewski, Vice President, of Investors Inc., who
each play an important role in the Investment Fund's management process. They
work closely together to develop investment strategies and select securities for
the Investment Fund's portfolio. Mr. Kuhl, Jr. has been co-manager of the
Investment Fund since August 1993, except during a period of retirement between
November 1995 and March 1996. Ms. Modzelewski has been a co-manager since
November 1995. Mr. Kuhl, Jr. joined Retirement System for Savings Institutions
(predecessor to Investors) in April, 1986, with over 20 years of experience in
managing credit research and fixed-income investments. Prior thereto, he was an
investment officer at Savings Bank Trust Company, with responsibility for
managing various banks' fixed-income investments. He is a graduate of Rhode
Island University with a Bachelor of Science degree in Industrial Engineering
and received a Master of Science degree in Finance from Columbia University. Mr.
Kuhl, Jr. is a Chartered Financial Analyst. Ms. Modzelewski joined Retirement
System in September 1984 and she has been responsible for money market
investments and cash management for all investment funds managed by Investors
Inc. A graduate of New York University, Ms. Modzelewski holds a Bachelor of
Science degree in Finance and International Business. She also received a Master
of Business Administration degree in Finance from St. John's University."
The first paragraph on page 23 is restated, to read as follows:
"The Intermediate Term Bond Fund is co-managed by Herbert Kuhl, Jr., Vice
President, and Deborah A. Modzelewski, Vice President, of Investors Inc., who
each play an important role in the Investment Fund's management process. They
work closely together to develop investment strategies and select securities for
the Investment Fund's portfolio. Mr. Kuhl, Jr. has been co-manager of the
Investment Fund since April 1996, except during a period of retirement between
November 1995 and March 1996. Ms. Modzelewski has been a co-manager since
November 1995. Mr. Kuhl, Jr. joined Retirement System for Savings Institutions
(predecessor to Investors) in April, 1986, with over 20 years of experience in
managing credit research and fixed-income investments. Prior thereto, he was an
investment officer at Savings Bank Trust Company, with responsibility for
managing various banks' fixed-income investments. He is a graduate of Rhode
Island University with a Bachelor of Science degree in Industrial Engineering
and received a Master of Science degree in Finance from Columbia University. Mr.
Kuhl, Jr. is a Chartered Financial Analyst. Ms. Modzelewski joined Retirement
System in September 1984 and she has been responsible for money market
investments and cash management for all investment funds managed by Investors
Inc. A graduate of New York University, Ms. Modzelewski holds a Bachelor of
Science degree in Finance and International Business. She also received a Master
of Business Administration degree in Finance from St. John's University."
