<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808490
<NAME> VARIABLE INVESTORS SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> CASH MANAGEMENT PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           749976
<INVESTMENTS-AT-VALUE>                          749976
<RECEIVABLES>                                    14395
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  764371
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       108953
<TOTAL-LIABILITIES>                             108953
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        656158
<SHARES-COMMON-STOCK>                           655418
<SHARES-COMMON-PRIOR>                          8923612
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                         (740)
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    655418
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                20257
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    2796
<NET-INVESTMENT-INCOME>                          17461
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            17461
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (17461)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         410627
<NUMBER-OF-SHARES-REDEEMED>                    8696281
<SHARES-REINVESTED>                              17460
<NET-CHANGE-IN-ASSETS>                       (8267454)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                       (740) 
<GROSS-ADVISORY-FEES>                             1861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  69416
<AVERAGE-NET-ASSETS>                            750713
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.024
<PER-SHARE-GAIN-APPREC>                          0.000
<PER-SHARE-DIVIDEND>                           (0.024)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              1.000
<EXPENSE-RATIO>                                   0.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>