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SUPPLEMENT TO PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
SELECT ADVISORS VARIABLE INSURANCE TRUST
EMERGING GROWTH PORTFOLIO
BALANCED PORTFOLIO
THIS SUPPLEMENT IS DATED NOVEMBER 4, 1997.
The Prospectus and Statement of Additional Information of Select Advisors
Variable Insurance Trust, each dated May 1, 1997, are hereby supplemented as
follows:
EMERGING GROWTH PORTFOLIO
Westfield Capital Management Company, Inc. ("Westfield") serves as one of
the Portfolio Advisors to the Emerging Growth Portfolio of Select Advisors
Variable Insurance Trust (the "Trust"). As of October 31, 1997, Westfield
became an indirect wholly owned subsidiary of Boston Private Bancorp, Inc.
("BPB").
As required by the Investment Company Act of 1940 (the "1940 Act"), the
Portfolio Advisory Agreement (the "Prior Westfield Agreement") with Westfield
terminated on October 31, 1997. Effective October 31, 1997, Touchstone Advisors,
Inc., the investment advisor to the Emerging Growth Portfolio, entered into a
new Portfolio Advisory Agreement (the "New Westfield Agreement") with Westfield.
Except for different effective and termination dates, the terms of the New
Westfield Agreement are identical to the terms of the Prior Westfield Agreement.
The Board of Trustees of the Trust approved the New Westfield Agreement on
September 18, 1997. The shareholders of the Emerging Growth Portfolio approved
the New Westfield Agreement on October 30, 1997.
BPB was established in May 1987. BPB is the parent company of Boston
Private Bank & Trust Company, a private bank serving clients in New England with
banking and investment products.
BALANCED PORTFOLIO
OpCap Advisors ("OpCap") serves as Portfolio Advisor to the Balanced
Portfolio. On November 4, 1997, PIMCO Advisors L.P. ("PIMCO Advisors") and its
affiliates acquired control of Oppenheimer Capital and its subsidiary OpCap. As
of September 30, 1997, Oppenheimer Capital and its subsidiaries had assets under
management of $60.9 billion. PIMCO Advisors is a registered investment advisor
with $125 billion in assets under management through various subsidiaries.
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Effective November 5, 1997, Touchstone Advisors, Inc., the investment
advisor to the Balanced Portfolio, entered into a new Portfolio Advisory
Agreement (the "New OpCap Agreement") with OpCap. Except for different effective
and termination dates, the terms of the New OpCap Agreement are identical to the
terms of the prior OpCap Agreement. The Board of Trustees of the Trust approved
the New OpCap Agreement on February 14, 1997. The shareholders of the Balanced
Portfolio approved the New OpCap Agreement on April 23, 1997.
Value Advisors LLC, a limited liability company and a wholly-owned
subsidiary of PIMCO Advisors, holds a one-third managing general partner
interest in Oppenheimer Capital and a 1.0% general partner interest in OpCap
Advisors. Oppenheimer Capital L.P., a Delaware limited partnership whose units
are traded on the New York Stock Exchange, owns the remaining two-thirds
interest in Oppenheimer Capital. PIMCO Partners G.P., general partner of PIMCO
Advisors, holds the sole general partner interest in Oppenheimer Capital, L.P.
PIMCO Partners, G.P. ("PIMCO GP") owns approximately 42.83% and 66.37%
respectively of the total outstanding Class A and Class B units of limited
partnership interests of PIMCO Advisors. PIMCO GP is a California general
partnership with two general partners. The first of these general partners is
Pacific Investment Management Company, which is a California corporation and is
wholly owned by Pacific Financial Asset Management Company, a direct subsidiary
of Pacific Life Insurance Company ("Pacific Life"). PIMCO Partners L.L.C.
("PPLLC"), a California limited liability company, is the second and managing
general partner of PIMCO GP. PPLLC's members are the Managing Directors (the
"PIMCO Managers") of Pacific Management Investment Company, a subsidiary of
PIMCO Advisors (the "PIMCO Subpartnership").
The PIMCO Managers are William H. Gross, Dean S. Meiling, James F.
Muzzy, William F. Podlich III, Frank B. Rabinovitch, Brent R. Harris, John L.
Hague, William S. Thompson Jr., William C. Powers, David H. Edington,
Benjamin Trosky, William R. Benz II and Lee R. Thomas III.
PIMCO Advisors is governed by an Operating Board and an Equity Board. The
PIMCO Subpartnership has the power to appoint (directly or indirectly) seven of
the twelve members of the Operating Board and therefore may be deemed to control
PIMCO Advisors. Pacific Life and the PIMCO Managers and/or the PIMCO
Subpartnership may each be deemed to control PIMCO Advisors because of direct or
indirect power to appoint 25% of the members of the Equity Board. Pacific Life,
the PIMCO Managers and the PIMCO Subpartnership disclaim such control.
