<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
008 A000401 FIRST VARIABLE ADVISORY SERVICES CORP.
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
008 D030601 60523
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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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 JEFF BAESSLER
TITLE MGR OF FUND ADMIN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<REALIZED-GAINS-CURRENT> 4280
<APPREC-INCREASE-CURRENT> 4708
<NET-CHANGE-FROM-OPS> 9339
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (94)
<DISTRIBUTIONS-OF-GAINS> (209)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211
<NUMBER-OF-SHARES-REDEEMED> (754)
<SHARES-REINVESTED> 21
<NET-CHANGE-IN-ASSETS> 1546
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 41
<OVERDISTRIB-NII-PRIOR> 387
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323
<AVERAGE-NET-ASSETS> 20539
<PER-SHARE-NAV-BEGIN> 13.62
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 7.17
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.84
<EXPENSE-RATIO> 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
<NUMBER> 7
<NAME> SMALL CAP GROWTH PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12038
<INVESTMENTS-AT-VALUE> 19054
<RECEIVABLES> 399
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19453
<PAYABLE-FOR-SECURITIES> 274
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81
<TOTAL-LIABILITIES> 355
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8958
<SHARES-COMMON-STOCK> 700
<SHARES-COMMON-PRIOR> 970
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3124
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7016
<NET-ASSETS> 19098
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 14
<OTHER-INCOME> 0
<EXPENSES-NET> (170)
<NET-INVESTMENT-INCOME> (155)
<REALIZED-GAINS-CURRENT> 5078
<APPREC-INCREASE-CURRENT> 3131
<NET-CHANGE-FROM-OPS> 8054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 312
<NUMBER-OF-SHARES-REDEEMED> (581)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4460
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1798
<GROSS-ADVISORY-FEES> 107
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 212
<AVERAGE-NET-ASSETS> 12576
<PER-SHARE-NAV-BEGIN> 15.10
<PER-SHARE-NII> (0.20)
<PER-SHARE-GAIN-APPREC> 12.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.27
<EXPENSE-RATIO> 1.35
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
<NUMBER> 8
<NAME> GROWTH & INCOME PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 25827
<INVESTMENTS-AT-VALUE> 27189
<RECEIVABLES> 38
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 27228
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96
<TOTAL-LIABILITIES> 96
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22147
<SHARES-COMMON-STOCK> 1641
<SHARES-COMMON-PRIOR> 1770
<ACCUMULATED-NII-CURRENT> 169
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3454
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1362
<NET-ASSETS> 27132
<DIVIDEND-INCOME> 401
<INTEREST-INCOME> 131
<OTHER-INCOME> 0
<EXPENSES-NET> (362)
<NET-INVESTMENT-INCOME> 170
<REALIZED-GAINS-CURRENT> 3520
<APPREC-INCREASE-CURRENT> (2006)
<NET-CHANGE-FROM-OPS> 1684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (637)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 344
<NUMBER-OF-SHARES-REDEEMED> (510)
<SHARES-REINVESTED> 37
<NET-CHANGE-IN-ASSETS> (1011)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 570
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 217
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 365
<AVERAGE-NET-ASSETS> 28970
<PER-SHARE-NAV-BEGIN> 15.90
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.92
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.54
<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
Variable Investors Series Trust
In planning and performing our audit of the financial statements of Variable
Investors Series Trust (the Trust) for the year ended December 31, 1999, we
considered its internal control, including controls over safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the specific internal control components does not reduce to a relatively
low level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control
and its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, Shareholders and management of Variable Investors Series Trust
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
February 4, 2000
Chicago, Illinois
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
NSAR B 12/31/99
Variable Investors Series Trust
Question 77B-Matters submitted to a vote of security holders
A Special Meeting of Shareholders of the Growth & Income Portfolio of Variable
Investors Series Trust was held on June 23, 1999.
The matter voted upon and the results of the voting were as follows:
To approve a New Sub-Advisory Agreement between First Variable Advisory
Services Corp. and a direct or indirect U.S. investment advisory subsidiary of
Credit Suisse Group (the "New Sub-Adviser"), such New Sub-Advisory
Agreement to contain the same terms and conditions as the Current Investment
Sub-Advisory Agreement, except for the dates of execution and termination and
the identification of the New Sub-Adviser.
For: Against: Abstain:
1,492,056.681 40,258.775 149,256.115
</TABLE>
