LPLA SEPARATE ACCOUNT ONE
AND
LPT VARIABLE INSURANCE SERIES TRUST
BERKELEY SMALLER COMPANIES PORTFOLIO
SUPPLEMENT DATED MARCH 31, 1997
to
LPLA Separate Account One Prospectus dated May 1, 1996, and
LPLA Separate Account One Prospectus dated June 5, 1996, and
LPT Variable Insurance Series Trust Prospectus dated May 1, 1996, as amended
On March 24, 1997 the Board of Trustees of LPT Variable Insurance Series Trust
approved a change in the sub-adviser for the Berkeley Smaller Companies
Portfolio from Berkeley Asset Management Company to Robertson, Stephens &
Company Investment Management, L.P., subject to shareholder approval. On such
date the Trustees also called a special meeting of shareholders of the Berkeley
Smaller Companies Portfolio to be held on April 30, 1997 to consider the
approval of: the change of sub-adviser to Robertson, Stephens & Company
Investment Management, L.P.; an increase in the sub-advisory fee at certain
break points with respect to the Portfolio; an amendment to the advisory
agreement which provides for an increase in the advisory fee at certain break
points for such Portfolio; and changes to certain fundamental investment
restrictions. The proposed advisory fee schedule for the Berkeley Smaller
Companies Portfolio is: .95% of the first $10 million of average daily net
assets; .90% of the next $25 million of average daily net assets; .85% of the
next $165 million of average daily net assets; and .80% of average daily net
assets over and above $200 million. The proposed sub-advisory fee schedule is:
.70% of the first $10 million of average daily net assets; .65% of the next $25
million of average daily net assets; .60% of the next $165 million of average
daily net assets; .55% of average daily net assets over and above $200 million.
If approved, the changes in the advisory and sub-advisory fees are anticipated
to become effective on May 1, 1997 whereupon the name of the Berkeley Smaller
Companies Portfolio will be changed to the Robertson Stephens Diversified Growth
Portfolio. In addition, the investment objective, and certain investment
policies and restrictions for the Portfolio will be changed. The proposed
investment objective is to seek long-term capital growth.
The current portfolio manager for the Berkeley Smaller Companies Portfolio is
Rupert E. Grimm, C.F.A. Mr. Grimm is a principal of Berkeley Asset Management
Company and currently leads the firm's management of equity and balanced
accounts, managed in the growth style. Mr. Grimm joined Berkeley in 1975.
LPLA SEPARATE ACCOUNT ONE
AND
LPT VARIABLE INSURANCE SERIES TRUST
MAS VALUE PORTFOLIO
SUPPLEMENT DATED MARCH 31, 1997
to
LPLA Separate Account One Prospectus dated May 1, 1996, and
LPLA Separate Account One Prospectus dated June 5, 1996, and
LPT Variable Insurance Series Trust Prospectus dated May 1, 1996, as amended
On March 24, 1997 the Board of Trustees of LPT Variable Insurance Series Trust
approved a change in the sub-adviser for the MAS Value Portfolio from Miller
Anderson & Sherrerd, LLP to Harris Associates, L.P., subject to shareholder
approval. On such date the Trustees also called a special meeting of
shareholders of the MAS Value Portfolio to be held on April 30, 1997 to consider
the approval of: the change of sub-adviser to Harris Associates, L.P.; an
increase in the sub-advisory fee with respect to the Portfolio; an amendment to
the advisory agreement which provides for an increase in the advisory fee with
respect to such Portfolio; and changes to certain fundamental investment
restrictions. The proposed advisory fee schedule for the MAS Value Portfolio is:
1.00% of the first $10 million of average daily net assets; .85% of the next $75
million of average daily net assets; and .75% of the average daily net assets
over and above $200 million. The proposed sub-advisory fee schedule is: .75% of
the first $25 million of average daily net assets; .60% of the next $75 million
of average daily net assets; .50% of average daily net assets over and above
$200 million. If approved, such fee changes are anticipated to become effective
on May 1, 1997 whereupon the name of the MAS Value Portfolio will be changed to
Harris Associates Value Portfolio. In addition, the investment objective and
certain policies and restrictions will be changed. The proposed investment
objective is to seek long-term capital appreciation by investing primarily in
equity securities.
