SUPPLEMENT DATED DECEMBER 29, 1995 TO PROSPECTUS DATED FEBRUARY 21, 1995
FOR
LANDMARK VIP(SM) FUNDS
LANDMARK VIP U.S. GOVERNMENT FUND
LANDMARK VIP BALANCED FUND
LANDMARK VIP EQUITY FUND
LANDMARK VIP INTERNATIONAL EQUITY FUND
The fourth and fifth paragraphs under ``Management-Investment Adviser'' on
page 8 of the Prospectus are deleted and replaced in their entirety by the
folowing:
Landmark VIP Balanced Fund. Grant D. Hobson, Richard Goldman and Mark Lindbloom
are the managers of the Balanced Fund. Mr. Hobson and Mr. Goldman manage the
equity portion of the portfolio. Mr. Hobson is responsible for managing U.S.
equity portfolios for trust and pension accounts of Citibank Global Asset
Management and currently manages more than $1 billion of total assets at
Citibank. Prior to joining Citibank in 1993, Mr. Hobson was a Sector Portfolio
Manager for Axe Houghton, formerly a divison of USF&G, where he was responsible
for equity investments for pension accounts and mutual funds. Mr. Goldman is
responsible for managing approximately $600 million of total assets and for
quantitative equity research for the U.S. institutional business of Citibank
Global Asset Management. He joined Citicorp's Investment Management Division in
1985. Mr. Lindbloom manages the fixed income portion of the portfolio. He came
to Citibank in 1986 from Brown Brothers Harriman & Co., where he managed fixed
income assets for discretionary corporate portfolios.
Landmark VIP Equity Fund. Mr. Hobson and Mr. Goldman serve as managers of the
Equity Fund. Their respective investment management experience is described
above.
