VARIABLE INVESTORS SERIES TRUST /MA/
NSAR-A, 1997-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000808490
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 VARIABLE INVESTORS SERIES TRUST
001 B000000 811-4969
001 C000000 6179855984
002 A000000 P.O. BOX 9110
002 B000000 BOSTON
002 C000000 MA
002 D010000 02209
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  9
007 C010100  1
007 C020100 CASH MANAGEMENT PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 GROWTH PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 MATRIX EQUITY PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 HIGH INCOME BOND PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 MULTIPLE STRATEGIES PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 U.S. GOVERNMENT BOND PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 WORLD EQUITY PORTFOLIO
007 C030700 N
007 C010800  8
007 C020800 SMALL CAP GROWTH PORTFOLIO
007 C030800 N
007 C010900  9
007 C020900 GROWTH & INCOME PORTFOLIO
007 C030900 N
007 C011000 10
007 C011100 11
<PAGE>      PAGE  2
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FIRST VARIABLE ADVISORY SERVICES CORP.
010 B00AA01 801-45016
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02210
010 A00AA02 STATE STREET BANK & TRUST COMPANY
010 B00AA02 801-00000
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02210
010 C04AA02 9110
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02105
012 C04AA01 1978
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
013 B04AA01 5072
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 C04AA01 1713
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORP.
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK AKTIENSELLSCHAFT DER SPARKASS
015 B00AA04 S
015 C01AA04 VIENNA
<PAGE>      PAGE  3
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 GENERALE BANK
015 B00AA05 S
015 C01AA05 BRUSSELS
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 CITIBANK, N.A.
015 B00AA06 S
015 C01AA06 SAO PAULO
015 D01AA06 BRAZIL
015 E04AA06 X
015 A00AA07 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA07 S
015 C01AA07 TORONTO
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 CITIBANK N.A.
015 B00AA08 S
015 C01AA08 SANTIAGO
015 D01AA08 CHILE
015 E04AA08 X
015 A00AA09 HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA09 S
015 C01AA09 SHANGHAI
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 CITITRUST COLUMBIA, S.A.
015 B00AA10 S
015 C01AA10 BOGOTA
015 D01AA10 COLUMBIA
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK
015 B00AA11 S
015 C01AA11 COPENHAGEN
015 D01AA11 DENMARK
015 E04AA11 X
015 A00AA12 MERITA BANK LIMITED
015 B00AA12 S
015 C01AA12 HELSINKI
015 D01AA12 FINLAND
015 E04AA12 X
015 A00AA13 BANQUE PARIBAS
015 B00AA13 S
015 C01AA13 PARIS
015 D01AA13 FRANCE
015 E04AA13 X
015 A00AA14 DRESDNER BANK AG
015 B00AA14 S
015 C01AA14 FRANKFURT
015 D01AA14 GERMANY
<PAGE>      PAGE  4
015 E04AA14 X
015 A00AA15 NATIONAL BANK OF GREECE S.A.
015 B00AA15 S
015 C01AA15 ATHENS
015 D01AA15 GREECE
015 E04AA15 X
015 A00AA16 STANDARD CHARTERED BANK
015 B00AA16 S
015 C01AA16 HONG KONG
015 D01AA16 HONG KONG
015 E04AA16 X
015 A00AA17 CITIBANK BUDAPEST RT.
015 B00AA17 S
015 C01AA17 BUDAPEST
015 D01AA17 HUNGARY
015 E04AA17 X
015 A00AA18 DEUTSCHE BANK AG
015 B00AA18 S
015 C01AA18 BOMBAY
015 D01AA18 INDIA
015 E04AA18 X
015 A00AA19 STANDARD CHARTERED BANK, PLC
015 B00AA19 S
015 C01AA19 JAKARTA
015 D01AA19 INDONESIA
015 E04AA19 X
015 A00AA20 BANK OF IRELAND
015 B00AA20 S
015 C01AA20 DUBLIN
015 D01AA20 IRELAND
015 E04AA20 X
015 A00AA21 BANQUE PARIBAS
015 B00AA21 S
015 C01AA21 MILAN
015 D01AA21 ITALY
015 E04AA21 X
015 A00AA22 THE DAIWA BANK, LIMITED
015 B00AA22 S
015 C01AA22 TOKYO
015 D01AA22 JAPAN
015 E04AA22 X
015 A00AA23 SEOULBANK
015 B00AA23 S
015 C01AA23 SEOUL
015 D01AA23 KOREA
015 E04AA23 X
015 A00AA24 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA24 S
015 C01AA24 KUALA LUMPUR
015 D01AA24 MALAYSIA
015 E04AA24 X
<PAGE>      PAGE  5
015 A00AA25 CITIBANK MEXICO S.A.
015 B00AA25 S
015 C01AA25 MEXICO CITY
015 D01AA25 MEXICO
015 E04AA25 X
015 A00AA26 MEESPIERSON N.V.
015 B00AA26 S
015 C01AA26 AMSTERDAM
015 D01AA26 NETHERLANDS
015 E04AA26 X
015 A00AA27 ANZ BANKING GROUP(NEW ZEALAND) LTD.
015 B00AA27 S
015 C01AA27 WELLINGTON
015 D01AA27 NEW ZEALAND
015 E04AA27 X
015 A00AA28 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA28 S
015 C01AA28 OSLO
015 D01AA28 NORWAY
015 E04AA28 X
015 A00AA29 CITIBANK N.A.
015 B00AA29 S
015 C01AA29 LIMA
015 D01AA29 PERU
015 E04AA29 X
015 A00AA30 STANDARD CHARTERED BANK
015 B00AA30 S
015 C01AA30 MANILA
015 D01AA30 THE PHILIPPINES
015 E04AA30 X
015 A00AA31 BANCO COMERCIAL PORTUGUES
015 B00AA31 S
015 C01AA31 LISBON
015 D01AA31 PORTUGAL
015 E04AA31 X
015 A00AA32 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA32 S
015 C01AA32 SINGAPORE
015 D01AA32 SINGAPORE
015 E04AA32 X
015 A00AA33 BANCO SANTANDER S.A.
015 B00AA33 S
015 C01AA33 MADRID
015 D01AA33 SPAIN
015 E04AA33 X
015 A00AA34 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA34 S
015 C01AA34 STOCKHOLM
015 D01AA34 SWEDEN
015 E04AA34 X
015 A00AA35 UNION BANK OF SWITZERLAND
<PAGE>      PAGE  6
015 B00AA35 S
015 C01AA35 ZURICH
015 D01AA35 SWITZERLAND
015 E04AA35 X
015 A00AA36 CENTRAL TRUST OF CHINA
015 B00AA36 S
015 C01AA36 TAIPEI
015 D01AA36 TAIWAN
015 E04AA36 X
015 A00AA37 STANDARD CHARTERED BANK
015 B00AA37 S
015 C01AA37 BANGKOK
015 D01AA37 THAILAND
015 E04AA37 X
015 A00AA38 CITIBANK N.A.
015 B00AA38 S
015 C01AA38 ISTANBUL
015 D01AA38 TURKEY
015 E04AA38 X
015 A00AA39 STATE STREET BANK & TRUST COMPANY
015 B00AA39 S
015 C01AA39 LONDON
015 D01AA39 ENGLAND
015 E04AA39 X
015 A00AA40 EUROCLEAR
015 B00AA40 S
015 C01AA40 BRUSSELS
015 D01AA40 BELGIUM
015 E04AA40 X
015 A00AA41 CEDEL
015 B00AA41 S
015 C01AA41 LUXEMBOURG
015 D01AA41 LUXEMBOURG
015 E04AA41 X
015 A00AA42 NATIONAL BANK OF EGYPT
015 B00AA42 S
015 C01AA42 CAIRO
015 D01AA42 EGYPT
015 E04AA42 X
015 A00AA43 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA43 S
015 C01AA43 PORT LOUIS
015 D01AA43 MAURITIUS
015 E04AA43 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 CAPITAL INSTITUTIONAL SERVICE
020 C000001     16
020 A000002 BEAR STEARNS
020 B000002 13-3299429
<PAGE>      PAGE  7
020 C000002     12
020 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000003 13-5974085
020 C000003     11
020 A000004 INVESTMENT TECHNOLOGY GROUP
020 C000004     10
020 A000005 CS FIRST BOSTON CORPORATION
020 B000005 13-5659485
020 C000005      8
020 A000006 BARING SECURITIES, INC.
020 B000006 04-2455153
020 C000006      7
020 A000007 CORRESPONDENT SERVICES
020 C000007      6
020 A000008 HSBC SECURITIES, INC.
020 B000008 13-2650272
020 C000008      5
020 A000009 INSTINET
020 B000009 13-3443395
020 C000009      5
020 A000010 HOENIG & COMPANY
020 B000010 13-2656060
020 C000010      4
021  000000      155
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001   1057373
022 D000001         0
022 A000002 PAINE WEBBER
022 B000002 13-2638166
022 C000002     69794
022 D000002       435
022 A000003 HSBC SECURITIES
022 B000003 13-2650272
022 C000003     55855
022 D000003         0
022 A000004 UBS SECURITIES, INC.
022 B000004 13-2932996
022 C000004     21102
022 D000004       194
022 A000005 FUJI GOVERNMENT SECURITIES
022 C000005     11405
022 D000005         0
022 A000006 SWISS BANK CORPORATION
022 C000006     10384
022 D000006         0
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007      3976
022 D000007      2458
022 A000008 GOLDMAN SACHS
<PAGE>      PAGE  8
022 B000008 13-5108880
022 C000008      3243
022 D000008      2403
022 A000009 LEHMAN BROS. INC.
022 B000009 13-2518466
022 C000009      2741
022 D000009      2757
022 A000010 MERRILL LYNCH
022 B000010 13-5974085
022 C000010      3165
022 D000010      1232
023 C000000    1276452
023 D000000      27050
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
<PAGE>      PAGE  9
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 N
057  00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00        0
077 A000000 N
078  000000 N
080 C00AA00        0
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 N
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
008 A000101 FIRST VARIABLE ADVISORY SERVICES CORP.
<PAGE>      PAGE  10
008 B000101 A
008 C000101 801-45016
008 D010101 BOSTON
008 D020101 MA
008 D030101 02210
008 A000102 FEDERATED INVESTMENT COUNSELING
008 B000102 S
008 C000102 801-34611
008 D010102 PITTSBURGH
008 D020102 PA
008 D030102 15222
008 D040102 3779
028 A010100         0
028 A020100         5
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028 A040100      8305
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028 B020100         2
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028 C020100         3
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028 D020100         3
028 D030100         0
028 D040100       128
028 E010100         1
028 E020100         2
028 E030100         0
028 E040100         9
028 F010100        99
028 F020100         2
028 F030100         0
028 F040100         4
028 G010100       411
028 G020100        17
028 G030100         0
028 G040100      8696
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.000
048 A010100    70000
048 A020100 0.500
048 B010100        0
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<PAGE>      PAGE  11
048 D010100        0
048 D020100 0.000
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048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
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048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100    70000
048 K020100 0.450
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 Y
062 A000100 Y
062 B000100   7.6
062 C000100 106.8
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
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062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   1
063 B000100  0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
<PAGE>      PAGE  12
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100         0
071 B000100         0
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<PAGE>      PAGE  13
072 O000100        0
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073 A010100   0.0244
073 A020100   0.0000
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074 A000100        0
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074 C000100      750
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<PAGE>      PAGE  14
074 X000100        1
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075 A000100      751
075 B000100        0
076  000100     0.00
008 A000201 FIRST VARIABLE ADVISORY SERVICES CORP.
008 B000201 A
008 C000201 801-45016
008 D010201 BOSTON
008 D020201 MA
008 D030201 02210
008 A000202 VALUE LINE,INC.
008 B000202 S
008 C000202 801-625
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10017
028 A010200      1271
028 A020200         0
028 A030200         0
028 A040200      1239
028 B010200      1362
028 B020200         0
028 B030200         0
028 B040200       984
028 C010200      1376
028 C020200         0
028 C030200         0
028 C040200      1611
028 D010200      1044
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028 D030200         0
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028 G030200         0
028 G040200      6838
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045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.700
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<PAGE>      PAGE  15
048 A020200 0.000
048 B010200        0
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048 J010200        0
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049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 N
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
<PAGE>      PAGE  16
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
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<PAGE>      PAGE  17
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<PAGE>      PAGE  19
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
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<PAGE>      PAGE  24
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<PAGE>      PAGE  26
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<PAGE>      PAGE  29
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<PAGE>      PAGE  31
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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008 D030701 02210
<PAGE>      PAGE  35
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<PAGE>      PAGE  37
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<PAGE>      PAGE  38
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<PAGE>      PAGE  39
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<PAGE>      PAGE  40
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050  000800 N
051  000800 N
052  000800 N
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062 F000800   0.0
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066 A000800 Y
066 B000800 Y
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 N
<PAGE>      PAGE  41
066 G000800 N
067  000800 N
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070 A020800 Y
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070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
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070 N020800 N
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<PAGE>      PAGE  42
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<PAGE>      PAGE  43
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024  000900 Y
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<PAGE>      PAGE  44
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<PAGE>      PAGE  45
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<PAGE>      PAGE  46
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SIGNATURE   MARK KELLY                                   
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 7
   <NAME> WORLD EQUITY PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> CASH MANAGEMENT PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 6
   <NAME> U.S. GOVERNMENT BOND PORTFOLIO
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 4
   <NAME> HIGH INCOME BOND PORTFOLIO
       
<S>                             <C>
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<REALIZED-GAINS-CURRENT>                      (122886)
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<NUMBER-OF-SHARES-SOLD>                         556313
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<PER-SHARE-NAV-END>                              9.737
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 3
   <NAME> MATRIX EQUITY PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         12511820
<INVESTMENTS-AT-VALUE>                        13713982
<RECEIVABLES>                                   299413
<ASSETS-OTHER>                                   22566
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                14035961
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        56212
<TOTAL-LIABILITIES>                              56212
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10224404
<SHARES-COMMON-STOCK>                           838049
<SHARES-COMMON-PRIOR>                           947157
<ACCUMULATED-NII-CURRENT>                       235323
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        2317860
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1202162
<NET-ASSETS>                                  13979749
<DIVIDEND-INCOME>                               259095
<INTEREST-INCOME>                                 4350
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   78545
<NET-INVESTMENT-INCOME>                         184900
<REALIZED-GAINS-CURRENT>                       2095757
<APPREC-INCREASE-CURRENT>                    (1064480)
<NET-CHANGE-FROM-OPS>                          1216177
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          23098
<NUMBER-OF-SHARES-REDEEMED>                     132206
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (467856)
<ACCUMULATED-NII-PRIOR>                          50423
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<EXPENSE-RATIO>                                   1.15
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 2
   <NAME> GROWTH PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         41735496
<INVESTMENTS-AT-VALUE>                        62400462
<RECEIVABLES>                                   131174
<ASSETS-OTHER>                                    9829
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<TOTAL-ASSETS>                                62541465
<PAYABLE-FOR-SECURITIES>                        759798
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       803279
<TOTAL-LIABILITIES>                            1563077
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      38602124
<SHARES-COMMON-STOCK>                          1770146
<SHARES-COMMON-PRIOR>                          1781846
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (97128)
<ACCUMULATED-NET-GAINS>                        1808426
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<ACCUM-APPREC-OR-DEPREC>                      20664966
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<DIVIDEND-INCOME>                               175409
<INTEREST-INCOME>                                41724
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<EXPENSES-NET>                                  314261
<NET-INVESTMENT-INCOME>                        (97128)
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<EXPENSE-RATIO>                                   1.12
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 5
   <NAME> MULTIPLE STRATEGIES PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         27499597
<INVESTMENTS-AT-VALUE>                        35535926
<RECEIVABLES>                                   104875
<ASSETS-OTHER>                                    6164
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<TOTAL-ASSETS>                                35646965
<PAYABLE-FOR-SECURITIES>                        249439
<SENIOR-LONG-TERM-DEBT>                              0
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<PAID-IN-CAPITAL-COMMON>                      26944580
<SHARES-COMMON-STOCK>                          2520726
<SHARES-COMMON-PRIOR>                          2510680
<ACCUMULATED-NII-CURRENT>                       137729
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         178721
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       8036329
<NET-ASSETS>                                  35297359
<DIVIDEND-INCOME>                                77013
<INTEREST-INCOME>                               248310
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<EXPENSES-NET>                                  197513
<NET-INVESTMENT-INCOME>                         127810
<REALIZED-GAINS-CURRENT>                       (71401)
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<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         3413850
<ACCUMULATED-NII-PRIOR>                           9919
<ACCUMULATED-GAINS-PRIOR>                       250122
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 203179
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<PER-SHARE-NAV-BEGIN>                           12.699
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<PER-SHARE-NAV-END>                             14.003
<EXPENSE-RATIO>                                   1.20
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 9
   <NAME> GROWTH & INCOME PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         14753428
<INVESTMENTS-AT-VALUE>                        16043858
<RECEIVABLES>                                   407346
<ASSETS-OTHER>                                    2286
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<TOTAL-ASSETS>                                16453490
<PAYABLE-FOR-SECURITIES>                        244932
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        77820
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      13792028
<SHARES-COMMON-STOCK>                          1127255
<SHARES-COMMON-PRIOR>                           829257
<ACCUMULATED-NII-CURRENT>                        78331
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<ACCUMULATED-NET-GAINS>                         969949
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1290430
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<INTEREST-INCOME>                                31302
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<NET-CHANGE-IN-ASSETS>                         5830692
<ACCUMULATED-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                           12.421
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<PER-SHARE-NAV-END>                             14.310
<EXPENSE-RATIO>                                   1.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 8
   <NAME> SMALL CAP GROWTH PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         14863777
<INVESTMENTS-AT-VALUE>                        17715664
<RECEIVABLES>                                   152073
<ASSETS-OTHER>                                    2668
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      15202432
<SHARES-COMMON-STOCK>                          1096625
<SHARES-COMMON-PRIOR>                           860011
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<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                      (427675)
<ACCUM-APPREC-OR-DEPREC>                       2851887
<NET-ASSETS>                                  17555815
<DIVIDEND-INCOME>                                 7773
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<EXPENSES-NET>                                   97471
<NET-INVESTMENT-INCOME>                        (70829)
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<EXPENSE-RATIO>                                   1.35
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</TABLE>


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