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THE GALAXY VIP FUND
SUPPLEMENT DATED JANUARY 31, 1999 TO
PROSPECTUS DATED APRIL 30, 1998
SMALL COMPANY GROWTH FUND
The fifth paragraph on the cover page (page 1) of the Prospectus is amended and
restated in its entirely to read as follows:
"The investment objective of the SMALL COMPANY GROWTH FUND is to seek
capital appreciation. The Fund attempts to achieve this objective by investing
primarily in the securities of companies with market capitalizations of $1.5
billion or less that the Fund's investment adviser believes have the potential
for significant capital appreciation. Under normal market and economic
conditions, the Fund will invest at least 65% of its total assets in the equity
securities of companies with market capitalizations of $1.5 billion or less."
The second sentence of the first paragraph under the heading "Investment
Objectives and Policies -- Investment Objective and Policies of the Small
Company Growth Fund" on page 10 of the Prospectus is amended and restated in its
entirety to read as follows:
"The Fund attempts to achieve this objective by investing primarily in the
securities of companies with market capitalizations of $1.5 billion or less
("Small Capitalization Securities") which Fleet believes have the potential for
significant capital appreciation."
The second sentence of the second paragraph under the heading "Investment
Objectives and Policies -- Investment Objective of the Small Company Growth
Fund" on pages 10-11 of the Prospectus is amended and restated in its entirety
to read as follows:
"Under normal market and economic conditions, at least 65% of the Fund's
total assets will be invested in the equity securities of companies with market
capitalizations of $1.5 billion or less."
HIGH QUALITY BOND FUND
The eighth paragraph on the cover page (page 1) of the Prospectus is amended and
restated in its entirety to read as follows:
"The investment objective of the HIGH QUALITY BOND FUND is to seek a high
level of current income consistent with prudent risk of capital. The Fund will
invest substantially all of its assets in debt obligations that are rated at the
time of purchase within the four highest rating categories assigned by a
nationally recognized statistical rating organization (a "Rating Agency"), such
as Standard & Poor's Rating Group ("S&P") or Moody's Investors Service, Inc.
("Moody's") (or which, if unrated, are of comparable quality) and in obligations
issued or guaranteed by the U.S. Government, its agencies or instrumentalities
and other "money market" instruments, provided, however, that under normal
market and economic conditions, the Fund will invest at least 65% of its total
assets in high quality debt obligations rated at the time of purchase within the
two highest rating categories assigned by S&P or Moody's (or which, if unrated,
are of comparable quality)."
The second paragraph under the heading "Investment Objectives and Policies --
Investment Objective and Policies of the High Quality Bond Fund" on page 13 of
the Prospectus is amended and restated in its entirety to read as follows:
"The Fund will invest substantially all of its assets in debt obligations
that are rated, at the time of purchase, within the four highest rating
categories assigned by S&P ("AAA," "AA," "A" and "BBB") or Moody's ("Aaa," "Aa,"
"A" and "Baa") (or, if unrated, are determined by Fleet to be of comparable
quality) and in obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities and money market" instruments such as those listed
below under "Types of Obligations and Other Investment Information -- Money
Market Instruments." See "Investment Objective and Policies of the Equity Fund"
above for a description of the risks of investing in debt obligations rated in
the lowest of the
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four highest rating categories. Under normal market and economic conditions, the
Fund will invest at least 65% of its total assets in high quality debt
obligations that are rated at the time of purchase within the two highest rating
categories assigned by S&P or Moody's (or which, if unrated, are determined by
Fleet to be of comparable quality). Unrated securities will be determined to be
of comparable quality to high quality debt obligations if, among other things,
other outstanding obligations of the issuers of such securities are rated AA/Aa
or better. When, in Fleet's opinion, a defensive investment posture is
warranted, the Fund may invest temporarily and without limitation in high
quality, short-term "money market" instruments. See Appendix A to the Statement
of Additional Information of a description of S&P's and Moody's rating
categories."
