LPT VARIABLE INSURANCE SERIES TRUST
BERKELEY SMALLER COMPANIES PORTFOLIO
Supplement dated March 25, 1997 to Prospectus dated May 1, 1996, as amended
On March 24, 1997 the Board of Trustees of LPT Variable Insurance Series Trust
approved a change in the sub-adviser for the Berkeley Smaller Companies
Portfolio from Berkeley Asset Management Company to Robertson, Stephens &
Company Investment Management, L.P., subject to shareholder approval. On such
date the Trustees also called a special meeting of shareholders of the Berkeley
Smaller Companies Portfolio to be held on April 28, 1997 to consider the
approval of : (1) the change in sub-adviser; (2) an increase in the sub-advisory
fee at certain break points with respect to the Portfolio; and (3) an amendment
to the advisory fee which provides for an increase in advisory fees at certain
break points for such Portfolio. The proposed advisory fee schedule for the
Berkeley Smaller Companies Portfolio is: .95% of the first $10 million of
average daily net assets; .90% of the next $25 million of average daily net
assets; .85% of the next $165 million of average daily net assets; and .80% of
average daily net assets over and above $200 million. The proposed sub-advisory
fee schedule is: .70% of the first $10 million of average daily net assets; .65%
of the next $25 million of average daily net assets; .60% of the next $165
million of average daily net assets; .55% of average daily net assets over and
above $200 million. If approved, the changes in the advisory and sub-advisory
fees are anticipated to become effective on May 1, 1997 whereupon the name of
the Berkeley Smaller Companies Portfolio will be changed to the Robertson
Stephens Diversified Growth Portfolio.
The current portfolio manager for the Berkeley Smaller Companies Portfolio is
Rupert E. Grimm, C.F.A. Mr. Grimm is a principal of Berkeley Asset Management
Company and currently leads the firm's management of equity and balanced
accounts, managed in the growth style. Mr. Grimm joined Berkeley in 1975.
LPT VARIABLE INSURANCE SERIES TRUST
MAS VALUE PORTFOLIO
Supplement dated March 25, 1997 to Prospectus dated May 1, 1996, as amended
On March 24, 1997 the Board of Trustees of LPT Variable Insurance Series Trust
approved a change in the sub-adviser for the MAS Value Portfolio from Miller
Anderson & Sherrard, LLP to Harris Associates, L.P., subject to shareholder
approval. On such date the Trustees also called a special meeting of
shareholders of the MAS Value Portfolio to be held on April 28, 1997 to consider
the approval of: (1) the change in sub-adviser; (2) an increase in the
sub-advisory fee with respect to the Portfolio; and (3) an amendment which
provides for an increase in the advisory fee with respect to such Portfolio. The
proposed advisory fee schedule for the MAS Value Portfolio is: 1.00% of the
first $10 million of average daily net assets; .85% of the next $75 million of
average daily net assets; and .75% of the average daily net assets over and
above $200 million. The proposed sub-advisory fee schedule is: .75% of the first
$25 million of average daily net assets; .60% of the next $75 million of average
daily net assets; .50% of average daily net assets over and above $200 million.
If approved, such fee changes are anticipated to become effective on May 1, 1997
whereupon the name of the MAS Value Portfolio will be changed to Harris
Associates Value Portfolio.
