i:\legal\sec.reg\vist96\prosup96.doc
Variable Investors Series Trust
10 Post Office Square - 12th Floor
Boston, MA 02109
January 16, 1997
VIA EDGAR
Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, DC 20549
Re: Variable Investors Series Trust
File Nos. 33-11182 and 811-4969
Dear Sir/Madam:
On behalf of the above captioned Registration and pursuant to Securities Act
Rule 497(e), we hereby submit for filing a supplement to the prospectus filed by
the Registrant on Form N-1A.
Please do not hesitate to contact the undersigned at (617) 631-5052 should you
have any questions or comments.
Very truly yours,
s/Arnold R. Bergman
Arnold R. Bergman
Secretary
<PAGE>
Rule 497(e)
File No. 33-11182
Variable Investors Series Trust
10 Post Office Square
Boston, Massachusetts 02109
Supplement to Prospectus dated May 1, 1996
_____
The Sub-Advisers section of the Prospectus is amended as follows:
Keystone Investment Management Company ("Keystone Investments"), 200 Berkeley
Street, Boston, MA 02116-5034, is the Sub-Adviser for the World Equity
Portfolio.
Keystone Investments was organized in 1932 as a Delaware corporation. First
Union Keystone, Inc. ("Keystone") is the corporate parent of wholly-owned
operating subsidiaries, which include Keystone Investments. Keystone is a wholly
owned subsidiary of FUNB-NC which, in turn, is owned by First Union Corporation
("First Union"). First Union is a publicly owned multibank holding company
registered under the federal Bank Holding Company Act of 1956, as amended. First
Union and its subsidiaries provide a broad range of financial services.
Mr. Gilman C. Gunn, III is the portfolio manager for Keystone Investments for
the foreign equity component of the World Equity Portfolio. Ms. Margery C.
Parker is the portfolio manager for Keystone Investments for the U.S. equity
component of the World Equity Portfolio.
Prior to joining Keystone Investments, Mr. Gunn spent 7 years in London as head
of Investment Research for Paribas Capital Markets. He spent two years in Kuwait
as Advisor to the Kuwait International Investment Company and also one year in
Thailand. Before going overseas, Mr. Gunn managed an $800 million bond portfolio
for The Chubb Corporation in New York. Mr. Gunn received his M.B.A. from N.Y.U.
and has been quoted extensively in The Wall Street Journal, Barrons, Business
Week, Forbes and international publications.
Ms. Parker is a Vice President and Portfolio Manager of Keystone Investments.
Prior to joining Keystone Investments in 1988, she was with the Bank of Boston,
State Street Research and Mosley Capital Management. She is a member of the
Boston Security Analysts Society and Secretary of the Boston Healthcare Analysts
Group. Ms. Parker received her B.A. from Wellesley College and her M.B.A. from
Babson College.
Warburg, Pincus Counsellors, Inc. ("WPC"), 466 Lexington Avenue, New York, New
York 10017-3147 is the Sub-Adviser for the Growth & Income Portfolio.
Mr. Posner, a managing director of WPC, is responsible for the day-to-day
management of the Growth & Income Portfolio's investments. Prior to joining WPC
in January 1997, Mr. Posner was an employee of Fidelity Investments ("Fidelity")
from 1987 until December, 1996. He was the vice president and portfolio manager
of the Fidelity Equity-Income II Fund (1992-December 1996); the portfolio
manager of the Fidelity Value Fund (1990-1992); assistant portfolio manager of
the Fidelity Equity-Income Fund (1989-1990); assistant portfolio manager of the
Fidelity Capital Appreciation Fund (1989); portfolio manager of the Fidelity
Select Property-Casualty Insurance Portfolio (1987-1990) and an equity analyst
(1987). Prior to joining Fidelity, Mr. Posner was a research associate at John
Nuveen and Co. and an analyst at Feldman Securities Corp. in Chicago.
Supplement Date: January 16, 1997
