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Via Edgar
July 31, 1997
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:
Pursuant to Rule 497(e) under the Securities Act of 1933, attached for
filing is the supplement, dated July 15, 1997, that has been made to the
Security First Trust Prospectus, dated November 29, 1996.
Sincerely,
SECURITY FIRST TRUST
/s/ Richard C. Pearson
- -------------------------
Richard C. Pearson
Senior Vice President
and General Counsel
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Security First Trust
Supplement dated July 15, 1997 to
Prospectus dated November 29, 1996
Effective July 15, 1997 Neuberger & Berman, Ltd. replaced T. Rowe Price
Associates ("Price Associates") as the sub-adviser to Security First
Investment Management Corporation for the Bond Series of the Trust.
Neuberger & Berman was founded in 1939 to manage assets for high net worth
individuals. It is an investment adviser registered as such with the
Securities and Exchange Commission ("SEC") under the Investment Advisers Act
of 1940. It is also registered with the SEC as a broker-dealer under the
Securities Exchange Act of 1934, and is a member of the New York Stock
Exchange. Its offices are located at 605 Third Avenue, New York, New York
10158. Currently, it provides investment management services to a wide variety
of clients, including individuals, investment companies, pension and profit-
sharing plans, trusts and charitable organizations, and has approximately
$46 billion in assets under its management for clients, including
approximately $11 billion under management by its Fixed Income Group. The
principals of Neuberger & Berman that will have significant management
responsibilities for the Bond Series are Messrs. Theodore Giuliano and
Martin McKerrow, who are co-directors of Neuberger & Berman Fixed Income
Group. Messrs. Giuliano and McKerrow have been employed by Neuberger &
Berman for 13 years.
The terms and conditions of the Sub-Advisory Agreement, dated July 15, 1997,
with Neuberger & Berman are substantially similar to the prior agreement
with Price Associates, including, without limitation, the sub-advisory fees
due under the agreement. The Sub-Advisory Agreement will continue for a
term of two (2) years and may be extended from year to year thereafter.
