LIFE SERIES FUND
                                    BLUE CHIP
                                 CASH MANAGEMENT
                                    DISCOVERY
                                   GOVERNMENT
                                     GROWTH
                                   HIGH YIELD
                            INTERNATIONAL SECURITIES
                                INVESTMENT GRADE
                              TARGET MATURITY 2007
                              TARGET MATURITY 2010
                                UTILITIES INCOME
                      Supplement dated December 6, 1999 to
                         Prospectus dated April 30, 1999

The Fund Management section beginning on page 49 is amended as follows:

     All references to Dennis T.  Fitzpatrick  as Portfolio  Manager of the
     Blue Chip Fund are changed to Co-Portfolio  Manager. Add Andrew Wedeck
     as  Co-Portfolio  Manager  of the Blue Chip  Fund.  From April 1999 to
     November 1999, Mr. Wedeck was a Research  Analyst at Cramer  Rosenthal
     McGlynn.  From April  1998 to March  1999,  Mr.  Wedeck was a personal
     money  management  consultant for family  members.  From 1995 to March
     1998, Mr. Wedeck was an Equity Analyst at Stechler & Company.



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