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LIFE & ANNUITY TRUST
ASSET ALLOCATION FUND
GROWTH AND INCOME FUND
MONEY MARKET FUND
U.S. GOVERNMENT ALLOCATION FUND
SUPPLEMENT DATED FEBRUARY 16, 1996
TO PROSPECTUS DATED MAY 1, 1995
AS SUPPLEMENTED ON JUNE 23 AND SEPTEMBER 1, 1995,
AND JANUARY 2, 1996
The following two paragraphs replace the seventh and eighth paragraphs
under the prospectus section "THE FUNDS, MANAGEMENT AND SERVICING FEES --
INVESTMENT ADVISER":
Robert Bissell has been responsible for the day-to-day management of
the portfolio of the Growth and Income Fund since its inception,
excluding the period from October 1, 1995 to February 14, 1996. Mr.
Bissell joined Wells Fargo Bank at the time of its merger with Crocker
Bank and has been with the combined organization for over 20 years.
Prior to joining Wells Fargo Bank, he was vice president and
investment counsel with M. H. Edie Investment Counseling, where he
managed institutional and high-net-worth portfolios. Mr. Bissell
holds a finance degree from the University of Virginia. He is a
chartered financial analyst and a member of the Los Angeles Society of
Financial Analysts.
Brian K. Mulligan has been responsible for the day-to-day management
of the portfolio of the Growth and Income Fund since October 1, 1995.
Mr. Mulligan is also co-manager of the Wells Fargo Core Equities
Group. He is a vice president and manager of the San Francisco
Investment office, where he is primarily responsible for personal
accounts including individuals, charitable foundations and IRAs. He
also covers, from a research standpoint, the telecommunications and
electric utilities industries. Mr. Mulligan had been with Wells Fargo
Bank since its merger with Crocker National Bank in 1986. Mr.
Mulligan was graduated from Skidmore College with a B.S. degree in
business management. He is a chartered financial analyst and serves
as a member of the staff of graders. In addition, Mr. Mulligan is a
former member of the Board of Governors for the Los Angeles Society of
Financial Analysts and a present member of the San Francisco Security
Analysts Society.
