WNL SERIES TRUST
Supplement dated January 13, 1998 to Prospectus dated May 1, 1997
The following information supplements and should be read in conjunction with the
caption "SUB-ADVISERS" under the heading entitled "Salomon Brothers Asset
Management Inc" in the prospectus dated May 1, 1997 of WNL Series Trust (the
"Trust"):
On November 28, 1997, Salomon Inc ("Salomon"), the ultimate parent company of
Salomon Brothers Asset Management Inc ("SBAM") merged with and into Smith Barney
Holdings Inc., a subsidiary of Travelers Group Inc. ("Travelers"), to form a new
company called Salomon Smith Barney Holdings Inc. (the "Transaction"). Upon
consummation of the Transaction, Travelers became the ultimate parent of SBAM,
which continues to serve as sub-adviser to the Salomon Brothers U.S. Government
Securities Portfolio (the "Portfolio") of the Trust. Travelers is a diversified
financial services company engaged in investment services, asset management,
consumer finance and life and property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to be an
"assignment", as defined in the Investment Company Act of 1940, as amended, of
the sub-advisory agreement among SBAM, WNL Investment Advisory Services, Inc.
and the Trust. Accordingly, the Board of Trustees approved a new sub-advisory
agreement, identical in all material respects to the existing agreement, which
became effective on November 28, 1997. The new sub-advisory agreement will be
presented for approval to the shareholders of the Portfolio at a Special Meeting
of Shareholders to be held in April 1998.
