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THE GALAXY VIP FUND
("GALAXY VIP")
SHARES OF THE
MONEY MARKET FUND
EQUITY FUND
ASSET ALLOCATION FUND
HIGH QUALITY BOND FUND
(THE "FUNDS")
SUPPLEMENT DATED MARCH 29, 1996
TO THE PROSPECTUS DATED MAY 1, 1995
THE FOLLOWING REPLACES THE SECOND FULL PARAGRAPH UNDER THE HEADING "MANAGEMENT
OF THE TRUST" ON PAGE 23 IN THE PROSPECTUS:
Harold A. Mackinney, Jr., Donald Jones and Marie M. Schofield are the
portfolio managers of the Equity, Asset Allocation and High Quality Bond Funds,
respectively. Each portfolio manager is primarily responsible for the
day-to-day management of the respective Fund's investment portfolio. Messrs.
Mackinney and Jones have served as the respective portfolio managers of the
Equity and Asset Allocation Funds since commencement of each Fund's operations.
Mr. Mackinney is Chairman of the Board and Chief Executive Officer of Fleet and
has been engaged in providing investment management services on behalf of Fleet
and/or its affiliates since 1962. Mr. Jones has been associated with Fleet as
a portfolio manager since 1988 and currently serves as Vice President. Ms.
Schofield, who replaced Mary McGoldrick as the portfolio manager of the High
Quality Bond Fund on March 1, 1996, is Vice President of Fleet and has been
engaged in providing investment management services for over 20 years.
