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June 5, 1996
Division of Investment Management
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Re: Security First Trust
'33 Act File No. 2-51173
'40 Act File No. 811-2480
Dear Sir/Madam:
I hereby certify that pursuant to Rule 497(e) under the Securities Act of 1933,
the attached supplement dated April 29, 1996 has been made to the Security
First Trust Prospectus for the Value Equity and U.S. Government Income Series
dated December 31, 1995.
Sincerely,
SECURITY FIRST TRUST
/s/ Richard C. Pearson
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Richard C. Pearson
Senior Vice President
and General Counsel
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SECURITY FIRST TRUST
Supplement dated April 29, 1996 to Prospectus dated December 1, 1995
Changes to the Trust Series
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Effective April 10, 1996, the names of two of the Series of the Trust
were changed as follows: Value Equity Series was changed to Virtus
Equity Series and U.S. Government Income Series was changed to Virtus
U.S. Government Income Series. These changes were made to identify these
series by the names of the sub-adviser to each of the series.
Effective as of May 15, 1996, the investment policy of the Virtus Equity
Series of the Trust was changed by action of the Board of Trustees by
deleting the first paragraph under the sub-section entitled "Investment
Policies" on page 6 of the Prospectus and replacing it with the following:
The Virtus Equity Series is managed to take advantage of trends in the
stock market that favor different styles of stock selection (value or
growth) and different sizes of companies (consisting of large, medium
and small). The value style seeks stocks that, in the opinion of the
adviser, are undervalued and are or will be worth more than their current
price. The growth style seeks stocks with higher earnings growth rates
which, in the opinion of the adviser, will lead to appreciation in stock
price. Unless indicated otherwise, the investment policies (but not the
investment objectives) of the Series may be changed by the Trustees
without the approval of the shareholders. Shareholders will be notified
before any material change in these policies becomes effective.
The paragraph under the sub-section entitled "Common Stocks" on page 6
was also deleted and replaced with the following:
At least 65% of the Series' portfolio will be invested in common stocks,
unless it is in a defensive position. The subadviser will consider factors
such as revenues, product position, market share, potential earnings growth
or asset values in making stock selections.
