LANDMARK INSTITUTIONAL FUNDS I, 497, 1996-05-17

LANDMARK INSTITUTIONAL FUNDS I
497, 1996-05-17

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         SUPPLEMENT DATED MAY 17, 1996 TO PROSPECTUS DATED MAY 1, 1996
                                      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 third paragraph under "Management -- Investment Adviser" on page 8 of the
Prospectus is hereby deleted and replaced in its entirety by the following:

Landmark VIP U.S. Government Fund. Francis L. Mustaro is the manager of the
Landmark VIP U.S. Government Fund. Mr. Mustaro, a Vice President of Citibank,
has over twenty years experience as a trader and portfolio manager, with
emphasis on fixed income products. Prior to joining Citibank in 1989, he served
as Team Leader and Fixed Income Product Manager at Citicorp Securities Markets,
Inc.